A system for cryptographic processing of content, comprising: an input for receiving the content; a plurality of look-up tables representing a white-box implementation of a combined cryptographic and watermarking operation, wherein the cryptographic operation comprises a decryption operation, the look-up tables representing processing steps of the combined cryptographic and watermarking operation and the look-up tables being arranged for being applied according to a predetermined look-up scheme, the look-up scheme prescribing that an output of a first look-up table of the plurality of look-up tables be used to generate an input of a second look-up table of the plurality of look-up tables, wherein the combined cryptographic and watermarking operation comprises a cryptographic operation and a watermarking operation; a control module for looking up values in the plurality of look-up tables in dependence on the received content and in accordance to the look-up scheme, thereby applying the combined cryptographic and watermarking operation to the content to obtain processed content; and a plurality of different versions of at least one tail table of the look-up tables in the plurality of look-up tables, wherein each version implements a different respective watermark, wherein the control module comprises a selector for selecting at least one version of the plurality of versions in dependence on a predetermined index value, wherein the control module is arranged for looking up at least one value in the selected version, and wherein the watermarking operation depends on at least one value in the selected version. an input for receiving the content; a plurality of look-up tables representing a white-box implementation of a combined cryptographic and watermarking operation, wherein the cryptographic operation comprises a decryption operation, the look-up tables representing processing steps of the combined cryptographic and watermarking operation and the look-up tables being arranged for being applied according to a predetermined look-up scheme, the look-up scheme prescribing that an output of a first look-up table of the plurality of look-up tables be used to generate an input of a second look-up table of the plurality of look-up tables, wherein the combined cryptographic and watermarking operation comprises a cryptographic operation and a watermarking operation; a control module for looking up values in the plurality of look-up tables in dependence on the received content and in accordance to the look-up scheme, thereby applying the combined cryptographic and watermarking operation to the content to obtain processed content; and a plurality of different versions of at least one tail table of the look-up tables in the plurality of look-up tables, wherein each version implements a different respective watermark, wherein the control module comprises a selector for selecting at least one version of the plurality of versions in dependence on a predetermined index value, wherein the control module is arranged for looking up at least one value in the selected version, and wherein the watermarking operation depends on at least one value in the selected version.