On Tue, Apr 21, 2009 at 11:25:59AM -0400,
 Edward Lewis <[email protected]> wrote 
 a message of 60 lines which said:

> My concern is first the database over the key, it's what matters in
> the event of catastrophic organizational failure.
>
> From that, it's a matter of "fate sharing."  What ever I do to protect my 
> most vital element (database) can be used to protect other things as 
> well, including the key. 

But the risk for the key is not only people modifying it, it is simply
people *reading* it (a concern which also exists for the database but
is much less important). 

I have no practical experience with HSMs but, in my mind, the
interesting thing is that they guarantee noone will read the key
without an authorization (that's quite unlike the database where you
certainly prefer a few unauthorized looks to a complete loss).
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