FIPS 140-3 is not a security guarantee, and auditors know it
Summary
FIPS 140-3 validation certifies a cryptographic module boundary for a specific firmware and configuration, not the overall security of the product, its operation, or how keys are generated and managed. The article highlights historical flaws (ROCA, EUCLEAK, Dual_EC_DRBG, YubiKey RNG) to illustrate that certified modules can still harbor exploitable weaknesses, and notes that many buyers run FIPS-enabled hardware in non-approved modes for practical reasons. It concludes that auditors focus on process and evidence—configuration, key provenance, governance, backups, and lifecycle—rather than the certificate alone, and offers actionable guidance for procurement and posture management.