In a virtual computer system, the invention virtualizes a primary protection mechanism, which restricts memory accesses based on the type of access attempted and a current hardware privilege level, using a secondary protection mechanism, which is independent of the hardware privilege level. The invention may be used to virtualize the protection mechanisms of the Intel IA-64 architecture. In this embodiment, virtual access rights settings in a virtual TLB are translated into shadow access rights settings in a hardware TLB, while virtual protection key settings in a virtual PKR cache are translated into shadow protection key settings in a hardware PKR cache, based in part on the virtual access rights settings. The shadow protection key settings are dependent on the guest privilege level, but the shadow access rights settings are not.