The genuine PrivacyIconClient.exe file is a software component of Intel® Management Engine Components by Intel Corporation.
The Privacy Icon Client starts the Intel® Management and Security Status (IMSS) Application which presents the system tray Privacy Icon and tells whether Intel® Active Management Technology (AMT) firmware and Trusted Platform Module (TPM) hardware are present and activated. It requires the Microsoft .NET Framework. Uninstalling "Intel® Management Engine Components" via the Control Panel will remove this process. With the "-startup" runtime parameter, the Client tests for AMT and TPM and if either is absent the entire IMSS stops until the next boot. Without it, the IMSS runs without actually testing. The OEM can customize where the ME Components reside, what the icon looks like, and whether it appears. AMT's out-of-band (OOB) communication enables remote administrators to access computers even when powered off, which is a privacy issue. The IMSS Application has a new version and may change process names with each new generation, (7.x, 8.x, etc.), of AMT.