1. A method of monitoring a memory hierarchy by a processor of a computing device, comprising: determining a risk level of an application running on the computing device based on memory address accesses by the application of one or more computing device memory hierarchy layers that are each monitored and characterized by a respective address monitoring unit associated with the one or more selected computing device memory hierarchy layers and context information that is correlated with the memory address accesses; and selecting one or more of the computing device memory hierarchy layers for monitoring by the respective address monitoring unit of the memory address accesses by the application based on the determined risk level of the application.