diff --git a/target/arm/m_helper.c b/target/arm/m_helper.c
index 1867435db7..84609f446e 100644
--- a/target/arm/m_helper.c
+++ b/target/arm/m_helper.c
@@ -624,7 +624,11 @@ static bool arm_v7m_load_vector(ARMCPU *cpu, int exc, bool targets_secure,
         if (sattrs.ns) {
             attrs.secure = false;
         } else if (!targets_secure) {
-            /* NS access to S memory */
+            /*
+             * NS access to S memory: the underlying exception which we escalate
+             * to HardFault is SecureFault, which always targets Secure.
+             */
+            exc_secure = true;
             goto load_fail;
         }
     }
@@ -632,6 +636,11 @@ static bool arm_v7m_load_vector(ARMCPU *cpu, int exc, bool targets_secure,
     vector_entry = address_space_ldl(arm_addressspace(cs, attrs), addr,
                                      attrs, &result);
     if (result != MEMTX_OK) {
+        /*
+         * Underlying exception is BusFault: its target security state
+         * depends on BFHFNMINS.
+         */
+        exc_secure = !(cpu->env.v7m.aircr & R_V7M_AIRCR_BFHFNMINS_MASK);
         goto load_fail;
     }
     *pvec = vector_entry;
@@ -641,13 +650,17 @@ load_fail:
     /*
      * All vector table fetch fails are reported as HardFault, with
      * HFSR.VECTTBL and .FORCED set. (FORCED is set because
-     * technically the underlying exception is a MemManage or BusFault
+     * technically the underlying exception is a SecureFault or BusFault
      * that is escalated to HardFault.) This is a terminal exception,
      * so we will either take the HardFault immediately or else enter
      * lockup (the latter case is handled in armv7m_nvic_set_pending_derived()).
+     * The HardFault is Secure if BFHFNMINS is 0 (meaning that all HFs are
+     * secure); otherwise it targets the same security state as the
+     * underlying exception.
      */
-    exc_secure = targets_secure ||
-        !(cpu->env.v7m.aircr & R_V7M_AIRCR_BFHFNMINS_MASK);
+    if (!(cpu->env.v7m.aircr & R_V7M_AIRCR_BFHFNMINS_MASK)) {
+        exc_secure = true;
+    }
     env->v7m.hfsr |= R_V7M_HFSR_VECTTBL_MASK | R_V7M_HFSR_FORCED_MASK;
     armv7m_nvic_set_pending_derived(env->nvic, ARMV7M_EXCP_HARD, exc_secure);
     return false;