Another MSR (Cambridge) project: The goal of the Samoa Project is to exploit recent theoretical advances in the analysis of security protocols in the practical setting of XML web services. Some early outcomes of this research include an implementation of declarative security attributes for web services and the design of a logic-based approach to checking SOAP-based protocols.

Even if this doesn't sound interesting to you, the site sports a really great resources section with lots of article links, security topics, bloggers and columnists, resource hubs and more. If you are working with Web Services, check this site out!