Real-time monitoring of physiological data can reduce the likelihood of injury in noncombat military personnel and first-responders. MIT Lincoln Laboratory is developing a tactical Real-Time Physiological Status Monitoring (RT-PSM) system architecture and reference implementation named OBAN (Open Body Area Network), the purpose of which is to provide an open, government-owned framework for integrating multiple wearable sensors and applications. The OBAN implementation accepts data from various sensors enabling calculation of physiological strain information which may be used by squad leaders or medics to assess the team's health and enhance safety and effectiveness of mission execution. Security in terms of measurement integrity, confidentiality, and authenticity is an area of interest because OBAN system components exchange sensitive data in contested environments. In this paper, we analyze potential cyber-security threats and their associated risks to a generalized version of the OBAN architecture and identify directions for future research. The threat analysis is intended to inform the development of secure RT-PSM architectures and implementations.