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Unfortunately, if you have a third-party antivirus software installed and Windows Defender's real-time protection is disabled, the Ransomware Protection features screen and the Controlled Folder Access feature won't be accessible.
This topic provides a description of AppLocker and can help you decide if your organization can benefit from deploying AppLocker application control policies.
I've never used these, because I don't have the necessary licenses, but it seems to me like it would be a great way to stop most malware cold... at the expense of also stopping a lot of valid software pretty cold too (at least initially while you get your working set figured out.)
Both controlled folder access and exe white-listing are ultra high maintenance. Without at least a year of intensive observation, logging and planning, the disruption to operations in our enterprise environment would be untenable. White-listing on servers would be much more manageable and since they're higher value targets anyway, are well worth the necessary time to plan, monitor and implement.