A packet filtering operation implements a hierarchical technique. Received packet traffic is first filtered with a first filtering criteria. This first filtering action generates a first pass traffic portion and a fail traffic portion from the received packet traffic. The fail traffic portion is then second filtered with a second filtering criteria. This second filtering action generates a second pass traffic portion and a reject traffic portion. The first filtering criteria provide for higher throughput, lower accuracy processing while the second filtering criteria provide for lower throughput, higher accuracy processing. Dynamic adjustments may be made to the first and second filtering criteria to achieve better overall packet filtering performance. For example, load is measured and the filtering criteria adjusted to better balance load between the hierarchical filtering actions.