Simulink Protected Model Safety?

Hi,

I would like to ask a question about protected models. I did some research but there was no exact answers for my questions. I want to share a protected model to some other third party but I'm not sure about its safety.

Firstly, is there a possible way to unlock/decrypt protected model? I created the model with the selections as attached image. (i.e. Simulation support and code generation support with passwords.). I will share the passwords with third party obviously. Can they reach the intellectual property of the model? For example can they decrypt the model and see the blocks and parameters.

Secondly, my real(referenced) model is 626KB but the created protected model is 6254KB. What could be the reason of the significant increase of code/model size?

Thank you.