The invention concerns an intelligent electronic device as well as a method for activating a function in an intelligent electronic device. The device (12) includes an inter-module bus (26), a first interface (30) and a number of hardware modules (18, 20, 22, 24) connected to each other via the inter-module bus (26). The modules include a process control module (18) including a control unit that senses the types (T1, T2, T3, T4) of hardware modules connected to the inter-module bus, that obtains set-up data from an external portable data carrier, where the set-up data includes configuration data and verification data, where the verification data includes hardware type data related to the modules in the device, that compares the obtained verification data with own verification data including data regarding the sensed hardware type, and that activates a protection function only if there is a match between all verification data being compared.