On 22 dec 2012, at 17:00, Randy Bush <[email protected]> wrote:

> could someone please explain the threat model and the circumstances
> which warrant an hsm?

It usually boils down to that you know if your keys are compromised or not; 
either you have the HSM or you don't (given that the keys can not be extracted 
in a controlled way). In a lot of environments, this property alone warrant an 
HSM.

There are of course other nice properties, such as speed, but IMHO those are 
secondary.

        jakob

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