Microsoft has disabled Excel 4.0 macros by default in the latest release of its spreadsheet software to help customers protect themselves against related security threats.
That setting, released as an optional configuration in Excel Trust Center setting in July, is now the default when opening Excel 4.0 macros (XLM), Microsoft said in a blogpost.
A macro is a series of commands that you can use to automate a repeated task, and can be run when you have to perform the task. But unexpected macros can pose a significant security risk. You don’t have to enable macros to see or edit the file; only if you want the functionality provided by the macro.