My 1994 Camaro (3.4,V6) security light was blinking and the car would not start. The manuel says to reset the security through the radio, I don't have a factory radio, so that route led nowhere. On the internet there were suggestions of turning the key on for 10 minutes to reset, but nothing worked. I called the Chevy dealership and a very helpful parts rep said its either the Key w/chip is bad or the ignition is bad. I took my key to the dealer and they checked it for free and it was still good. Then he showed me a new ignition cylinder as a sample to show me how there are two white wires that turn with the key and one of those is most likely broken.
Sure enough when with the help of a friend, who knew what he was doing, we found one of the white wires was broken. We fixed the wire and now she works just fine.
*NOTE - removing the steering wheel is no easy task, you will need a steering wheel puller and snap ring pliers and a good memory of the order of diassembly to reassembly, also the parts (ie.springs) for the horn will want to drop away when you remove the airbag