Evaluating Hardware Security Modules: Key Factors for Choosing the Best Option for Organizational Security Requirements

With the increasing digitization of the global economy, the role of cybersecurity has become paramount, especially in the rapidly advancing Internet of Things (IoT) era. Traditional cryptographic solutions face significant challenges, particularly in the secure management of cryptographic keys, which are often vulnerable to theft, misuse, or compromise. These limitations have left organizations exposed to sophisticated cyber threats and breaches. Hardware Security Modules (HSMs) emerge as a vital solution, offering robust protection for cryptographic keys and sensitive operations against both cyber and physical attacks. This paper reviews the current HSM solutions available on the market, examining their capabilities, performance, and adherence to security standards. By analyzing different types of HSMs and their features, this study aims to serve as a practical guide for organizations and individual researchers in seeking the most suitable HSM solutions to meet their specific security needs, thereby strengthening their overall cybersecurity posture.