To fix the issue, do the following:

Check if Microsoft Visual C++ Redistributable 2019 x86 and x64 are BOTH installed. If Microsoft Visual C++ Redistributable 2019 x86 and x64 are not installed, please install/reinstall them.

For reference: Visual C++ Redistributable for Visual Studio 2019

If you encounter an error when installing the Microsoft Visual C++ Redistributable, kindly check with Microsoft support on why it cannot be installed.

If the issue persists even after installing/reinstalling the Microsoft Visual C++ Redistributable, please contact Trend Micro Technical Support for assistance.