It seems to be flagging the indexing server which kinda makes sense. That process indexes your filesystem in the background for ArcPro's internal file manager so you probably just need to create an exception for it.
Yep, we started getting Trend Micro alerts flagging both the ArcGISIndexingServer.exe and ArcGISPro.Exe. I've also been attempting to update to 3.3.2 and the C:\Windows\System32\msiexec.exe is also getting flagged and it's showing C:\Users\USERNAME\AppData\Local\ESRI_Licensing\README.txt as the target.
We still have Trend Micro, and it had a rolling update today that was flagging "C:\Program Files\ArcGIS\Pro\bin\ArcGISPro.exe" as a malicious behavior detection, thus not allowing Pro to run. It started with some end users but made it to the GIS department in about 30 minutes. As this happened just before lunch it took about 2hrs to get whitelisted and pushed out to everyone so they could resume working in ArcGIS Pro.
We had this issue as well 2 days ago and our IT created an exception which solved the issue of opening Pro. But now we are finding that certain operations are running very slow. For example, select by attribute, and updating records in enterprise feature classes, the operation is quite laggy and we see a progress bar, even for updating only a 3 or 4 records at a time, which we did not have last week. Setting up joins, and exporting data is slow as well.
