PSEvents.exe in multiple Panda Security products runs hourly with SYSTEM privileges and loads DLL files from a user-writable directory without proper validation. An attacker with low-privileged access who can write DLL files to the monitored directory can achieve arbitrary code execution with SYSTEM privileges. Affected products include Panda Global Protection 2016, Panda Antivirus Pro 2016, Panda Small Business Protection, and Panda Internet Security 2016 (all versions up to 16.1.2).