Having trouble getting a 7034 exception to do anything (ePO 5.3.1). Even creating an exception from a specific incident doesn't do it. I think the issue may be because the threat source process name is a UNC file path ("\\[NetBIOS name]\...") rather than a normal DOS file path. Is there a workaround for this?
Signature 7034 is a special IPS signature for your environment, so I would suggest contacting your internal team that supports HIPS Content signatures.
If it is deemed to be an issue with McAfee code, your internal team should be able to open a Service Request with our McAfee Support team. We would need data & details to troubleshoot this further that should not be shared openly on this community forum.