Secure operations can be performed using security module instances offered as a web service through a resource provider environment. State data and cryptographic material can be loaded and unloaded from the instance as needed, such that the instance can be reused for operations of different customers. The material and data can be stored as a bundle encrypted using a key specific to the hardware security module and a key specific to the resource provider, such that the bundle can only be decrypted in an instance of that type of security module from the associated manufacturer and operated by that particular resource provider. The customer is then only responsible for the allocation of that instance during the respective cryptographic operation(s).