International Electrotechnical Commission (IEC) 62351-6 standard specifies the security mechanisms to protect real-time communications based on IEC 61850. Generic Object Oriented Substation Events (GOOSE) and Sampled Value (SV) messages must be generated, transmitted and processed in less than 3 ms, which challenges the introduction of IEC 62351-6. After evaluating the security threats to IEC 61850 communications and the state of the art in GOOSE and SV security, this work presents a novel architecture based on wire-speed processing able to provide message authentication and confidentiality. This architecture has been implemented and tested to evaluate its performance, resource usage, and the latency introduced. Other proposals in the scientific literature do not support real-time traffic, so they are not suitable for GOOSE and SV messages. Whereas the others exceed the target latency of 3 ms or do not comply with the standards, our design authenticates and encrypts real-time IEC 61850 data in less than 7 mu s-predictable latency-, and complies with IEC 62351:2020.