After installing SafeGuard Enterprise on a computer that has a third-party application with customized overlay icons installed, the key icon is not displayed as the folder icon.
First seen in Cause
SafeGuard File Share 6.0
SafeGuard Device Encryption 6.0
SafeGuard Data Exchange 6.0
SafeGuard Cloud Storage 6.0
Microsoft operating systems offer a limited number of free slots that can be allocated to display overlay icons for files and folders. If more than one application with customized icons (for example DropBox) is installed, a priority conflict in displaying icons may occur. Microsoft is only able to display one icon at a time.
What To Do
The priority and the availability of icon slots can be configured in the registry. If the wrong icon is displayed, check the registry and if necessary alter the key name, so that it uses the SafeGuard overlay icons instead of a third party application icon.
For more information refer to the knowledgebase article: SafeGuard Enterprise overlay icons (key symbols) are not shown in Windows Explorer