My log shows a lot of high severity entries for svchost.exe in the application monitor and application behavior areas. Is this a problem and how can I fix it?

It’s no problem, that’s just svchost’s behavior. Comodo’s ranking of severity is based on behavior, rather than the actual application. That’s why you may get high severity warnings for known and safe applications.

Also take a look in this post, which I responded to a while ago.