There is a natural limit on selection like this. A lab doesn't have the limit because it's product is not constrained by natural selection.
Humankind has been genetically engineering organisms for most of our existence. Corn originally looked like grass. Chickens were lean, tough, and could fly. Dogs have been transformed from generalist survivors into purpose-built machines breed for beauty, farm work, and everything in between. The avocado, of all things, is a fantastic example of how capable we are at creating something which shouldn't really exist.
Doing the same with bacteria isn't that much harder, if you've got time and a few basic tools. Our manipulation of the genes directly only makes the process faster.
http://www.smithsonianmag.com/arts-culture/why-the-avocado-s...
That's why the US and Israel went after Iran's enrichment facilities with Stuxnet.
Another such example is screening massive number of chemicals to see what works and turning that to medicine.
So it's not hard to imagine a group with ill-intent, that uses some of the almost infinite variety of tools biology researchers have, and being successful in creating a serious biological threat.
I did get lucky and design, from first principles, a 4-fold increase in enzyme activity once, but I am not sure that is something I could repeat.
Here is basic outline: start with existing virus that has strong desired traits and known strains that mutated to resist antibiotics. Example traits include spread model, incubation length, and lethality.
Establish or take over a remote site that has little to no interaction with outside world. Remote corners of Africa and South America come to mind, there are plenty of secret illicit drug farms in the jungle. [0]
Infect the sample population with target disease, give it a few days, and slowly start to drip in countermeasures gradually increasing the dose. Idea is similar to how diseases we get anti-biotic resistant strains in the first place - people do not complete the full course of drugs and are left with weakened, but also with a strong selective pressure that benefits against strains that have resistance against drugs person was treated with.
Take samples when you have desired output and continue with new group of people.
To account for people who are immune to a particular disease repeat this with a different disease, potentially one that can advantage of weakened immune system.
Once target disease(s) are ready distribute them in population centers.
Now there are few obvious cons I can think of:
1. If secret about this leaks out, military reaction form rest of the world would be swift.
2. Hiding something like this is hard, and get's exponentially harder as group grows.
3. There is a strong chance something like this was tried already and failed. Possibly because I am grossly underestimating immune system.
4. To keep initial phase of developing secret initial group must be small, to spread it effectively dissemination group must be large.
[0] Another potential avenue is partnership with a supportive state such as Syria, North Korea, or Iran.
[0] not a full hazmat, just some protective wear over mouth, nose, ears, and eyes.
I believe that what you said is true, plus we could say that the fact that we haven't been exterminated with a plague makes us not so much experienced (as a race) on how detect whenever such situation will lead to being wiped out
I feel that HIV/AIDS is our only experience, at least that I'm aware of
We should still institute safety protocols suitable for a really-bad-case scenario.
But you do not have to repeat it. If there is even a small chance that a person trying would achieve something similar, someone with ill intent could get lucky.
1. I am just throwing numbers here, but let's say 1 out of a 1000 people is a scientist, that approximates to 7.2 millions of scientists alive.
2. Let's say one in a thousand of them are working on something that could be weaponized.
3. That leaves us at 72 thousand people.
4. Let's say one in a 1000 of them would consider releasing doomsday device if they could invent it to watch world burn, that takes it down to 72 people.
5. So we are left with 72 people who are working on something that with extraordinary lucky breakthrough could be weaponized that would weaponized if they managed to achieve that.
6. All those number above are just incredibly crude estimates, but I think they illustrate the fact that such scenario is possible.