This paper presents a novel framework that enables practical event-driven monitoring for untrusted virtual machine monitors (VMMs) in cloud computing. Unlike previous approaches for VMM monitoring, our framework neither relies on a higher privilege level nor requires any special hardware support. Instead, we place the trusted monitor at the same privilege level and in the same address space with the untrusted VMM to achieve superior efficiency, while proposing a unique mutual-protection mechanism to ensure the integrity of the monitor. Our security analysis demonstrates that our framework can provide high-assurance for event-driven VMM monitoring, even if the highest-privilege VMM is fully compromised. The experimental results show that our framework only incurs trivial performance overhead for enforcing event-driven monitoring policies, exhibiting tremendous performance improvement on previous approaches.