Physically unclonable functions (PUFs) are an emerging technology that have been proposed as central building blocks in a variety of cryptographic application areas. Keys are not stored permanently anymore, but generated as needed using unique “fingerprints” that are inherent in each device. Since PUFs are “noisy” functions responses generated by a certain PUF instantiation are error-prone and therefore highly sophisticated error correction is required to reliably reconstruct the respective PUF response. To be aware of potential threats and vulnerabilities concerning PUF-based security schemes a risk analysis on different use cases was performed in order to gain requirements for the development and implementation of effective error correction methods as well as requirements regarding the whole operational life cycle of such tokens.