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  • You've described MFA (multi-factor authentication) and 4-Eyes (quorum) protecting the use of the HSM. Gaining access to the database via a hack of the app server doesn't do any good unless they also have access to the HSM, as you noted, but implementing a Quorum on access of the key-material needed to decrypt the data, and requiring MFA for the quorum members, means that you are protected from anything but an insider-threat + conspiracy. And no security policy in the world will protect you from that... Commented Oct 20, 2018 at 20:51