A system and method to watermark an uncompressed content received at a client device in a compressed form and encrypted by at least one content key, said content key as well as watermark instruction forming Conditional Access Module (CAS) data, said CAS data being encrypted by a transmission key and comprising at least one signature to authenticate the CAS data, said client device comprising a CAS configured to process the CAS data, a descrambler having an input to receive the encrypted compressed content and an output to produce an compressed content, a decoder to convert the compressed content into uncompressed content, a watermark inserter connected to the output of the decoder, a secure activation module connected with the watermark inserter, a secure element connected with the watermark inserter and the secure activation module.