I've done quite a bit of reading from this group regarding excel
application security. It is fairly clear to me that password
protecting worksheets and VBA projects does not provide much security.
These passwords appear to be more an annoyance than anything and can
surely be broken easily and quickly.

From what I read, it seems that the only way to provide real security
is to develop the application into a DLL using VB or similar. Is this
a fair assessment, or is there a means by which true security can be
incorporated into an application?

Regards,
John