CVE-2021-41363: Intune Management Extension Security Feature Bypass Vulnerability

Are there any pre-requisites for this vulnerability to be exploited in Intune Management Extension?

This vulnerability only exists when Intune Management Extension is enabled as managed installer. Enabling IME as managed installer requires local administrator privileges.

What should I do to protect myself from this vulnerability?

No action is required. As soon as the client connects to the service, it automatically receives a message to update.