In this paper, we evaluate the options for a viable security architecture for the 3GPP Home (evolved) NodeB (H(e)NB) and present the trade-off between the level of security provided and the associated cost of a H(e)NB device. Low cost of the H(e)NB device is one of the key factors to achieve high market penetration and the major contributor to the cost of the H(e)NB device is the security architecture. It is of interest to analyse the security challenges, security requirements and security mechanisms for (i) H(e)NB authentication, (ii) provisioning of security credentials, (iii) backhaul link protection, (iv) location verification and (v) user access control in the H(e)NB. It is required that the H(e)NB architecture mitigates the threats foreseen by opting a comprehensive security mechanisms amenable to both the operators and the subscribers, while satisfying the acceptable level of security required.