Can you run the game from the exe file in the game folder? --> Nope, it won't run
Have you tried uninstalling the Windows updates or running System Restore? --> nah, I don't want to go back to the old version of Windows just because one program doesn't work.
Have you tried checking for updates in Windows Security (virus and threat protection)? --> I had installed all the security updates, and unfortunately that is the very source of the problem.
@Lancillotto
Another step you can try is rebooting the PC into a selective startup. This will disable third party software running on the PC. Test your setup under the selective startup and see if the issue persists.