There is currently a bug affecting 16-bit applications.
This is from the lead developer of CIS:
It seems we have a bug with 16 bit applicaitons. We will fix this issue this week. Until we fix it, a temporary fix would be renaming guard32.dll in c:\windows\system32\guard32.dll to something else and restarting your computer. When we update CIS, you can restore it back.
Sorry for the inconvenience.
Egemen