ShadowProtectSvc.exe (ShadowProtect's NT service) incorporates security mechanisms which occasionally cause anti-virus products to mis-classify the file ShadowProtectSvc.exe as malware.
The 3.2 (and greater) versions of ShadowProtectSvc.exe are digitally signed with a Class-3 Software Publisher's Certificate (SPC) from Verisign. You can use this to determine if the ShadowProtectSvc.exe file has been altered since it came from StorageCraft. If the digital signature of ShadowProtectSvc.exe is OK then you know that the anti-virus warning is a false positive, and that the ShadowProtectSvc.exe file is okay. However, if the digital signature is invalid, then you know that the file ShadowProtectSvc.exe has been altered since it was created by StorageCraft, and may indeed be infected with malware.
To test the digital certificate, use File Explorer to right-click on the file ShadowProtectSvc.exe (in the directory C:\Program Files\StorageCraft\ShadowProtect) and in the Properties dialog click on the Digital Signatures tab. If this tab is missing then your version of ShadowProtectSvc.exe is not digitally signed. Note, again, that StorageCraft started signing ShadowProtectSvc.exe starting with version 3.2, so you will not find a digital signature for version 3.1. In the Digital Signatures tab, select the StorageCraft signature in the list and click on the Details button. At the top of the General tab of the Digital Signature Details dialog it will either say that "The digital signature is OK." or that it is invalid.
After you have verified that the digital signature of ShadowProtectSvc.exe is valid, you can safely add it to your anti-virus product's exception list (hopefully your AV product has such a feature).