> I just did the same with stunnel provided with SLES10. It seems to
work
> fine. Now what are the disadvantages compared to SSLSERV?

Not an exhaustive list:

Stunnel positives:

Uses OpenSSL, so the crypto engines work
Reference implementation of SSL, so more likely to be familiar to
non-mainframe people
Available on multiple platforms (common operations and knowledge).

Stunnel negative: 

Not transparent (requires setup for each port)
Not dynamic (can't handle FTP)
Unwraps traffic short of the application (may violate some regulatory
requirements)
Requires ports for non-encrypted service to be open (no firewall
capability on VM TCP stack)
Not supported by IBM

IBM SSLSERV positives: 

Supported by IBM
Dynamic (can handle FTP)
Transparent to apps
Does not require open ports for non-encrypted services

IBM SSLSERV negatives:

Doesn't use crypto engines (based on non-crypto aware implementation)
Delivers encryption all the way to destination application 
Difficult to configure and maintain. 
Available only on VM

We have appliance versions of both approaches. 

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