After a lot of digging with Symantec & McAfee support, we traced the source of this issue to SEP's Application & Device Control (ADC) that injects the sysfer.dll file into the McAfee updaterui.exe file.
To fix this, create file level exceptions for the updaterui.exe and mctray.exe files. Make sure you do NOT use variables and instead specify the entire path.
https://support.symantec.com/en_US/article.HOWTO80920.html
Once the exceptions are created, update the policy on the endpoints, and forcibly end any running updaterui.exe instances from the task manager. (This makes sure that if the dll was already injected you re-trigger without the issue)