A vulnerability in Trend Micro’s Password Manager could be exploited to run programs with the permissions of the most privileged account on a Windows system. An attacker already on the computer could exploit the vulnerability to run with SYSTEM privileges an arbitrary, unsigned DLL file within a trusted process. The vulnerability was caused by the Trend Micro Password Manager Central Control Service (PwmSvc.exe), which starts a chain reaction that involves looking for a DLL that is not present on the system.
Source: https://www.bleepingcomputer.com/news/security/trend-micro-fixes-privilege-escalation-bug-in-password-manager/