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The wide deployment of the IEEE 1588 Precision Time Protocol (PTP) raises significant security concerns; its quick assimilation has outrun security standardization efforts. In the absence of a standard security solution for PTP, several different alternatives have been suggested as a means to fill this vacuum using existing off-the-shelf security protocols. In this paper, we analyze PTP security solutions using two such protocols; IPsec and MACsec. We characterize the common deployment scenarios for PTP using these protocols, and then present a security threat analysis under these scenarios.