On Oct 15, 2012, at 7:39 AM, Alexander Gall <g...@switch.ch> wrote:

> A hardware HSM allows you to detect when your keys get stolen
> (provided the hardware does not implement extraction of the keys, of
> course).  In our case, this is the *only* reason we use a HSM at all.

A properly-designed software-based HSM in a tamper-evident box would have the 
same property.

--Paul Hoffman
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