Obviously if this new anti-malware protection is enabled and the destination rip/conversion directory is considered to be a protected folder e.g. C:\Users\%USERNAME%\Music then you need to create some exceptions using the "Allow an app through controlled folder access"

For me using CD Ripper and Batch Convertor to rip to FLAC and convert to AAC that amounted to CDGrab.exe, CoreConverter.exe, MusicConverter.exe and fdkaac.exe, but what's needed will obviously vary based on which codecs & DSPs you use.

The failure logs look like this from CD Ripper

Error ripping to FLAC, 'Track 1' to 'C:\Users\Public\Music\Soulwax\From Deewee\01 Soulwax - Preset Tense.flac'
Error unable to open File 'C:\Users\Public\Music\Soulwax\From Deewee\01 Soulwax - Preset Tense._' for writing. [clEncoder::BeginConversion]

and this for Batch Convertor

Error converting to m4a FDK (AAC), 'C:\Users\Public\Music\Soulwax\From Deewee\12 Soulwax - Goodnight Transmission.flac' to 'C:\Users\blah\Music\iTunes\iTunes Media\Music\Soulwax\From Deewee\12 Soulwax - Goodnight Transmission.m4a'
Unable to open 'C:\Users\blah\Music\iTunes\iTunes Media\Music\Soulwax\From Deewee\12 Soulwax - Goodnight Transmission.m4a'