Abstract: Dedicated computational devices such as HSMs and FPGAs are frequently used to provide data security and privacy. However, these options have several drawbacks, particularly when considering IoT environments. HSMs offer high-grade services but are costly and lack application flexibility, while FPGAs, in general, are cheaper and adaptable, but lack security services and protection. Herein, the SmartFusion2 SoC FPGA, a security-oriented system, is evaluated as a possible low-cost and flexible platform for security modules for the IoT. This work analyzes the several security services of the SmartFusion2 SoC, their advantages, and possible trade-offs. To demonstrate the SoC viability as a security module and/or a more adaptable HSM alternative, several case study applications are considered and analyzed to elaborate on the potential, limitations, and mitigations of the latter.