While it’s fair to say that using a Cloud HSM means your keys are protected by a device meeting FIPS 140-3 standards, assuming the HSM in use has this certification, it’s important to realize this doesn’t guarantee the security you might expect. The security model of HSMs was built for the threats of the 1980s. These devices were not network-connected and were single-tenant — if they were “online” it was usually via HSMs attached to physical computers running an application on a machine connecte...