A memory device and method for updating a security module are disclosed. In one embodiment, a memory device is provided comprising a memory operative to store content and a controller in communication with the memory. The controller is configured to send an identification of the memory device's security module to a host and receive an identification of the host's security module. If the memory device's security module is out-of-date with respect to the host's security module, the memory device receives a security module update from the host. If the host's security module is out-of-date with respect to the memory device's security module, the memory device sends a security module update to the host.