From a support forum: "Go into your access protection rules and disable monitoring of the rules in question. There are 2 check boxes...block and report. When set to block & report, you'll see the log entry but it will say "blocked by access protection rule...". When only report is set, you'll see "would be blocked...". If you uncheck both, you won't get the logging. If you just block and don't report, you'll get the blocking without reporting (bad idea)."
This event simply records the details for an instance where the McAfee security software would have blocked a potential malware from performing action specifically denied by the configured security settings. However, the McAfee is currently configured just to report and not block these type of actions.