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Here is a diagram showing how the HSM authentication model works with SafeNet PED, PED Keys, PED PINs and MofN secret splitting.
This Help also has similar diagrams with:
•no PED PINs or MofN. See HSM General Authentication Model
•PED PINs but no MofN, See HSM Authentication Model with Two PED PINs.
•MofN but no PED PINs. See HSM authentication model with MofN split secret.