File Access Strategy in a Multi-Threaded Environment (Web App)

I have a file which is an XML representation of some data that is taken from a Web service and cached locally within a Web Application. The idea being is that this data is very static, but just might change. So I have set it up to cache to a file, and stuck a monitor against it to check if it has been deleted. Once deleted, the file will be refreshed from its source and rebuilt.