dfjung:
The "System settings protector" is TeatImer so you are running version 1.6.3.25.
The only time that the System settings protector (TeaTimer.exe) 1.6.3.25 appears to use extremely large amounts of CPU time is the first time it is started after Spybot updates when it has to rescan all the processes running in your system to refresh the ProcCache.sbc file. Since TeaTimer.exe runs at "Low" priority the high CPU utilization should not affect the overall throughput of your system.
One technique that you might consider to control when this high CPU utilization occurs is to exit TeaTimer and restart it after Spybot updates so that the high CPU utilization does not occur immediately following your next system restart.