Cloud-based HSM vs. on-premises HSM, or a hybrid combination of the two - how do you choose the right option for your organization’s crypto security? And how do you compare the total cost of ownership (TCO) of an upfront on-premises HSM investment with a usage based billing (UBB) cloud-based HSM service? In this paper, we run through a checklist of features you should consider when making your choice of HSM. Then we focus on the primary costs you should include in your side- by-side TCO calculation. Finally, we present a working example that shows you what your TCO evaluation might look like.