1. A client hosted virtualization system (CHVS) comprising: a security processor; a non-volatile memory including: first code to implement a basic input/output system for the CHVS; and second code to implement a virtualization manager, the virtualization manager being operable to initialize the CHVS and to launch a virtual machine on the CHVS; and a network interface coupled to a client update system; wherein the CHVS operates to: establish a secure communication channel with the client update system via the network interface, wherein the secure communication channel is established by the security processor; receive third code from the client update system, the third code comprising an update to the second code; authenticate the third code using the security processor; and in response to determining that the third code is authentic, overwrite the non-volatile memory such that the second code is replaced with the third code; and wherein the CHVS is configurable to execute the first code and not the third code, or to execute the third code and not the second code.