A system for cryptographic processing of content comprises an input for receiving the content. A plurality of look-up tables represents a white-box implementation of a combined cryptographic and watermarking operation. The look-up tables represent processing steps of the combined cryptographic and watermarking operation and the look-up tables being arranged for being applied according to a predetermined look-up scheme. The look-up scheme prescribes that an output of a first look-up table of the plurality of look-up tables be used to generate an input of a second look-up table of the plurality of look-up tables. The combined cryptographic and watermarking operation comprises a cryptographic operation and a watermarking operation. A control module looks up values in the plurality of look-up tables in dependence on the received content and in accordance to the look-up scheme, thereby applying the combined cryptographic and watermarking operation to the content.