A BMC firmware security system includes a BMC coupled to a programmable circuit device and a first storage subsystem. In response to BMC initialization, the BMC uses a system identifier to verify that a license in the first storage subsystem authorizes the BMC to use BMC firmware in the BMC, uses branding identity information in the BMC to verify that the BMC is branded for the BMC firmware, determines that the programmable circuit device identifies the BMC firmware and, in response, the performs BMC initialization operations using the BMC firmware. A BIOS is coupled to the programmable circuit device and a second storage system. In response to BIOS initialization, the BIOS uses the branding identity information in the second storage subsystem to identify the BMC firmware, determines that the programmable circuit device identifies the BMC firmware and, in response, performs BIOS initialization operations.