If the file is in a folder like C:\Program Files\PCSX2 or a Comodo directory, it is likely a legitimate leftover from a software update.
If you have encountered an "Update.7z" file and are unsure of its origin, follow these steps to verify it:
Some software like the PCSX2 emulator uses update.7z as a staging file during its auto-update process. Users have reported bugs where this file remains in the application directory even after the update is complete.
Security researchers at Check Point Research recently identified a malicious update.7z archive used in targeted attacks. This specific version contained a legitimate 7z.exe binary alongside a malicious DLL ( iscsiexe.dll ) used for post-compromise activities. File Identification & Safety