Cloud providers generally run one or more Virtual Machine (VM) instances on the same physical machine. Though it increases data center utilization, it exposes VM to a co-location attack. VM placement and migration are the two strategies adopted for mitigating co-locations. Current methods for VM placement or VM migration consider only security as decision criteria and do not consider other factors like Quality-of-Service degradation, data center utilization, etc. This work proposes a placement and migration strategy for mitigation of co-location attacks with joint consideration of multi objectives like QoS, data center utilization, energy consumption, and security risks. A security-driven multi-criteria optimization -based VM placement policy is proposed. A joint consideration of multi - objective performance optimization along with co-location security risk minimization is done to design a novel VM placement policy based on user categorization. The policy can reduce the likelihood of co-location target VM with attacker VM without much degradation to the performance of VM and data center utilization. The solution mitigates co-location risks without much compromise to the performance of VM and data center resource utilization. The co-residence risk is mitigated by the categorization of users into three levels i.e. unlabeled, risky, and safe, and physical machines into two groups as safe and unsafe. The PMs available in data center is grouped into three different VM placement policies, they are undecided pool, safe pool and unsafe pool.