The TrustZone technology is incorporated in a majority of recent ARM Cortex A and Cortex M processors widely deployed in the IoT world. Security critical code execution inside a so-called secure world is isolated from the rest of the application execution within a normal world. It provides hardware-isolated area called a trusted execution environment (TEE) in the processor for sensitive data and code. This paper demonstrates a vulnerability in the secure world in the form of a cross-world, secure world to normal world, covert channel. Performance counters or Performance Monitoring Unit (PMU) events are used to convey the information from the secure world to the normal world. An encoding program generates appropriate PMU event footprint given a secret S. A corresponding decoding program reads the PMU footprint and infers S using machine learning (ML). The machine learning model can be trained entirely from the data collected from the PMU in user space. Lack of synchronization between PMU start and PMU read adds noise to the encoding/decoding ML models. In order to account for this noise, this study proposes three different synchronization capabilities between the client and trusted applications in the covert channel. These are synchronous, semi-synchronous, and asynchronous. Previously proposed PMU based covert channels deploy L1 and LLC cache PMU events. The latency of these events tends to be 100–1000 cycles limiting the bandwidth of these covert channels. We propose to use microarchitecture level events with latency of 10–100 cycles captured through PMU for covert channel encoding leading to a potential 100× higher bandwidth. This study conducts a series of experiments to evaluate the proposed covert channels under various synchronization models on a TrustZone supported Cortex-A processor using OP-TEE framework. As stated earlier, switch from signaling based on PMU cache events to PMU microarchitectural events leads to approximately 15× higher covert channel bandwidth. This proposed finer-grained microarchitecture event encoding covert channel can achieve throughput of the order of 11 Kbits/s as opposed to previous work’s throughput of the order of 760 bits/s.