There are viruses and trojans with that name, but also normal Windows processes. Do a virus scan to be sure that it is not a virus, and maybe scan for other kinds of malware as well.

This page gives some information:

• http://www.iobit.com/exedll/update-exe.html

I scanned for viruses with avg. none were found. The "update.exe" is in the "c:\program files (x86)\common files\sysobject\" folder. Renaming "update.exe" to something else causes a windows scripting service error. something with data.js.