Thanks for this - I have to admit I've never really seen an HSM doing the two operations you mention. The two cases I have seen are bulk crypto operations for

Thanks for this - I have to admit I've never really seen an HSM doing the two operations you mention. The two cases I have seen are bulk crypto operations for SSL offload (costly, performance critical) and key wrap/unwrap/derive (less costly, less perf impact, but keys exposed to app). I guess the cases you mentioned are similar to bulk crypto in the sense you just get the answer back, rather than the ability to compute it yourself?