Is there a known workaround to fix the 0x0000011b error for Windows 7 printers, and what are the risks?

Yes, one workaround involves modifying the registry to address the vulnerability introduced by the security update. However, this reduces security and can open your system to risks. Specifically, you might have to change the registry key `RpcAuthnLevelPrivacy` to `0`. Before making this change, back up your registry and be aware of the increased risk.