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I recommend you read a bit more about cryptographic design before getting into design of a HSM. Designing a HSM is basically designing a cryptographic protocol. For instance, using AES-128-CBC is a bad idea, as it does not provide message authentication; instead, you should use authenticated encryption. Similarly, rather than deriving a derived key in ...

Designing an HSM or other secure device is relatively easy; making it reliable even in the absence of adversary requires careful engineering; making it safe against adversaries with some level of physical access is hard; demonstrating that it is safe (for some definition of that) is even harder. One thing to worry about is integrity of stored data ...