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Welcome to this video, where I want to talk at a high level about hardware security modules known as HSMs. Now, these are a really important type of device to understand both in general and especially if you currently work in or want to work in the security space, because so many other things rely on them to function. Now lets jump in and step through why we need them, what they are, and how they work. Now lets start by looking at the world without hardware security modules. And were going to do that with the example of a virtualized environment. And so we have a VM host, and this could be VMware, Xen, or something within a cloud environment. It doesnt matter for this example. This means that we have some physical CPUs, memory, as well as mechanical or solid-state storage. Running on this is our hypervisor, a pair of operating systems, and to keep this simple, a pair of applications. Now, I want you to imagine that these applications, the operating systems, and the hypervisor are a