MPC vs HSM: Which Key Management Approach Secures Your Enterprise?
Feb 25, 2026
ArticleMPC vs HSM for key management: where the key lives, single points of failure, latency, certification, cost drivers and when to choose each or both.
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How DuoKey uses Securosys Primus HSM and CloudHSM as a key backend: Microsoft 365 DKE, PQC keys in hardware, PKCS#11. When to combine the two.
DuoKey and Securosys are partners, not competitors. Securosys builds Swiss hardware security modules (Primus HSM) and runs them as a managed service (Securosys CloudHSM). DuoKey is the key management layer above them: DuoKey Cockpit connects to a Securosys HSM as a vault, then uses the keys held there for Microsoft 365 Double Key Encryption (DKE), certificate authorities, database encryption and post-quantum keys. The key material stays inside the Securosys HSM.
This page explains what each product does, the architectures that combine them, and how to decide which one you need. Securosys facts come from Securosys's own website and documentation, reviewed in November 2026. DuoKey facts come from docs.duokey.com.
| Securosys | DuoKey | |
|---|---|---|
| What it is | HSM hardware (Primus) and managed HSM service (CloudHSM) | Key management platform (Cockpit) with integrations and an optional MPC vault |
| Where keys live | Inside the HSM boundary | In the vault you choose: a Securosys HSM, an MPC cluster, a software vault or a cloud KMS |
| Certifications | Primus HSM: FIPS 140-2 Level 3, Common Criteria EAL4+, EN 419 221-5 | Company: ISO/IEC 27001, SOC 2, TISAX AL3 |
| Main interfaces | PKCS#11, JCA/JCE, Microsoft CNG, REST (TSB) | Cockpit UI and API, DKE endpoint, PKCS#11 library, KMIP, XKS proxy |
| Microsoft 365 | Securosys 365 DKE, a managed DKE service | DKE service deployed from a Cockpit wizard, with any supported vault behind it |
Securosys is a Swiss HSM manufacturer based in Zurich. Its products relevant here:
Primus HSM. A network HSM appliance. Securosys documents these certifications (Securosys docs: Standards & Certifications):
The supported APIs are JCA/JCE, Microsoft CNG, PKCS#11 and REST through the Transaction Security Broker (Securosys docs: Primus HSM overview). Securosys states that its firmware from v3.x supports ML-KEM, ML-DSA and SLH-DSA, plus the stateful hash-based signatures HSS-LMS and XMSS (Securosys: Post-quantum cryptography).
Securosys CloudHSM. A fully managed HSM service running on Primus HSMs, offered as dedicated or shared multi-tenant HSMs, with access points in Switzerland, Germany, Singapore and the US. Securosys lists PKCS#11, OpenSSL, JCE/JCA, Microsoft CNG and REST as interfaces, and states that it "has no access to customer data" (Securosys: CloudHSM).
Securosys 365 DKE. A managed Double Key Encryption service for Microsoft 365, with the customer key protected in Securosys CloudHSM. See Securosys DKE for Microsoft 365 below.
DuoKey Cockpit is one console and API over many key backends. Every backend exposes the same operations (create, rotate, destroy, encrypt, decrypt, sign, verify, wrap, unwrap), and backend credentials are stored encrypted per tenant, so each tenant can bind its own HSM (DuoKey docs: Platform capabilities).
DuoKey's documentation describes the Securosys vault as the most complete backend (DuoKey docs: Securosys HSM operations):
On top of the vault, Cockpit adds what an HSM does not do on its own: a DKE endpoint for Microsoft 365, access policies on every decrypt, quorum approvals, certificate lifecycle, cryptographic inventory and a hash-chained audit log. DuoKey also offers an MPC vault, where each key is split into shares on independent nodes and no single node holds the complete key. For the trade-offs between the two custody models, see MPC vs HSM key management.
DKE protects the most sensitive Microsoft 365 content with two keys: one in Microsoft Azure, one held outside Microsoft. Content opens only when both are available. There are two ways to put a Securosys HSM behind that second key.
Securosys 365 DKE. Securosys sells a "Fully Managed DKEaaS". The customer-controlled key is protected in Securosys CloudHSM, encryption is triggered by Microsoft Purview sensitivity labels, and Securosys lists Microsoft 365 E5 licences as a prerequisite (Securosys: DKE for Microsoft 365). This is the direct route when you want one vendor for both the DKE service and the HSM.
DuoKey DKE with a Securosys vault. In DuoKey Cockpit, the DKE wizard starts by selecting a vault and an RSA-2048 key from it (the Microsoft DKE client requires RSA-2048). Cockpit then runs a preflight with a wrap and unwrap round trip before the service is deployed (DuoKey docs: Deploy a DKE service). Choose a Securosys vault in that step and the DKE private key stays in the Securosys HSM, while Cockpit provides:
For the DKE model itself, read What is Double Key Encryption. For DuoKey's DKE product, see DuoKey for Microsoft 365 DKE.
Customer Key. Microsoft 365 Customer Key (service encryption) is a different mechanism: root keys live in Azure Key Vault. DuoKey supports it through a documented BYOK process, where the key is generated offline, wrapped for transport under Azure Key Vault key-encryption keys and imported as a BYOK file (DuoKey docs: Customer Key BYOK process).
The base pattern. Cockpit holds the TSB endpoint and credentials per tenant, applications call Cockpit, and Cockpit calls the HSM. Keys are created in the Primus HSM or in CloudHSM and never leave it in plaintext. Everything built on Cockpit can then use those keys: DKE, certificate authorities, Oracle TDE, AWS XKS and others.
A CA created in DuoKey with a Securosys vault keeps its signing key in the HSM and signs certificates, CRLs and OCSP responses there. Because the Securosys vault signs ML-DSA and SLH-DSA in hardware, a post-quantum or hybrid CA can be bound to it (DuoKey docs: Securosys HSM). With a Securosys Primus vault, CA keys can also use RSA-3072, RSA-8192 and EC P-521 (DuoKey docs: PKI key algorithms). More in the ML-DSA certificates guide.
Two PKCS#11 paths are documented:
DuoKey's documentation states that "MPC and the HSM can be combined for defense-in-depth" (DuoKey docs: Secret Manager Integration). In practice that means choosing custody per key under one console and one audit log: keys that must sit in certified hardware (for example a CA root or keys under an eIDAS requirement) go in the Securosys vault, and keys where no single location should hold the complete key go in the MPC vault. Applications see the same Cockpit API either way.
DuoKey's cryptographic posture management reads keys from Securosys HSMs as part of its inventory, so HSM keys appear next to cloud KMS keys, certificates and code findings when you plan a post-quantum migration (DuoKey docs: Data sources).
People who search for a "Securosys alternative" are often asking one of two different questions. The honest answer depends on which one.
| Your need | Better fit |
|---|---|
| Certified HSM hardware: FIPS 140-2 Level 3, Common Criteria EAL4+, eIDAS QSCD | Securosys Primus HSM or CloudHSM |
| An application that talks to an HSM directly over PKCS#11, JCE or CNG | Securosys |
| A managed DKE service and HSM from a single vendor | Securosys 365 DKE |
| One console for keys across Microsoft 365, cloud KMS, databases and PKI, with per-decrypt access policies and a chained audit log | DuoKey Cockpit, with a Securosys vault where hardware custody is required |
| No single device or administrator holding the complete key | DuoKey MPC vault |
| Both certified hardware and threshold custody, chosen per key | DuoKey Cockpit with a Securosys vault and an MPC vault |
DuoKey is not a replacement for a certified HSM. If a regulation or an auditor requires keys inside FIPS or Common Criteria certified hardware, keep the HSM, and use DuoKey for the policy, integration and lifecycle work around it. If what you need is key control for SaaS and cloud workloads, and no rule asks for hardware, DuoKey's MPC vault can hold the keys without an HSM.
Is DuoKey a competitor of Securosys? No. Securosys is a DuoKey partner and Cockpit's lead HSM partner. Securosys supplies the hardware root of trust; DuoKey supplies the key management, integrations and policy layer that can run on top of it.
Can DuoKey use a Securosys HSM for Microsoft 365 DKE? Yes. The DKE wizard in DuoKey Cockpit binds an RSA-2048 key from a vault you select. With a Securosys vault, the DKE key stays in the Primus HSM or in Securosys CloudHSM, and Cockpit enforces the access policy on each decrypt.
What is the difference between Securosys 365 DKE and DuoKey DKE? Securosys 365 DKE is Securosys's managed DKE service with the key in its CloudHSM. DuoKey DKE is deployed from DuoKey Cockpit, with the key in the vault you choose (Securosys HSM, MPC or another backend), per-decrypt access policies and rotation with a cache window. Both keep the second key outside Microsoft.
How does DuoKey connect to a Securosys HSM? Cockpit's Securosys vault uses Securosys's Transaction Security Broker (TSB) REST API, for a Primus HSM on premises or Securosys CloudHSM. In on-premises deployments, OpenBao or Vault can also seal against the HSM over PKCS#11 or KMIP.
Does the combination support post-quantum keys? Yes. Securosys states that firmware v3.x supports ML-KEM, ML-DSA and SLH-DSA. DuoKey's Securosys vault signs with ML-DSA and SLH-DSA in the HSM, which lets a post-quantum or hybrid CA keep its signing key in hardware.
Do I need an HSM to use DuoKey? No. Cockpit also offers a software vault, an MPC vault and cloud KMS backends. Add a Securosys HSM when policy or certification requires a hardware root of trust.
Written by
DuoKey Team
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