A. Hommersom, J.-J.Ch. Meyer and E.P. de Vink Update Semantics of Security Protocols We present a model-theoretic approach for reasoning about security protocols, applying recent insights from dynamic epistemic logics. This enables us to describe exactly the subsequent epistemic states of the agents participating in the protocol, using Kripke models and transitions between these based on updates of the agents' beliefs associated with steps in the protocol. As a case study we will consider the SRA Three Pass protocol and discuss the Wide-Mouthed Frog protocol.