In one embodiment, an apparatus includes a processor comprising at least one core to execute instructions of a plurality of virtual machines (VMs) and a virtual machine monitor (VMM), and a cryptographic engine to protect data associated with the plurality of VMs through use of a plurality of private keys and a trusted transformer key, where each of the plurality of private keys are to protect program instructions and data of a respective VM and the trusted transformer key is to protect management structure data for the plurality of VMs. The processor is further to provide, to the VMM, read and write access to the management structure data through an untrusted transformer key.