First off, thanks for taking the time to reply. This is very helpful.<p>I have some more questions about these smart cards (e.g. it sounds like unique public&#x2F;private key pairs would be generated on each card which might not help with the master key style scenario HSMs are good for). I&#x27;m going to be looking into this for sure.<p>One more thing. I&#x27;m assuming FIPS 201-2 Level 3 cards have not been hacked (there were several smartcard hacks a few year ago e.g. <a href="http:&#x2F;&#x2F;www.securitytube.net&#x2F;video&#x2F;945" rel="nofollow">http:&#x2F;&#x2F;www.securitytube.net&#x2F;video&#x2F;945</a>