If this is usually in Program Files, I had to delete it today.
Malwarebytes found a Trojan.Vonteera and AdwCleaner said Driver Update Utility had to go.
Do I need to install the newer version or just leave it out?
This is one of those “helpful” utilities that periodically compares the manufacturer-specific drivers that are currently installed on your system and compares them with their inventory. It then tells you if there is a new one available. I find them annoying and usually do not install them.
The risk you take is if they come out with a major revision to something like the BIOS (Basic Input/Output System) - the internal utility that tells the operating system where all the hardware resides.
Bottom line - you can live without it.