WorkBench Crash in Program View (BASIC) - System.TypeInitializationException

In January 2018, Microsoft issued a patch causing problems for some applications. This problem impacts WorkBench when opening the Program View (BASIC).
The problem affects all versions of WB and will appear suddenly on working instances after applying Windows security patches.
It should be transient as Microsoft already issued a patch to fix the issue.

If you are affected, you should install the fix to the patch manually through Windows Update or talk to your IT to have it installed for you.

The problem description:
https://support.microsoft.com/en-us/help/4055532/security-and-quality-rollup-for-net-framework-3-5-1-4-5-2-4-6-4-6-1-4

How to install the patch:
https://support.microsoft.com/en-us/help/4074906/typeinitializationexception-or-fileformatexception-error-in-wpf-apps-t

Detailled error call stack from WorkBench log:

System.TypeInitializationException: The type initializer for 'ActiproSoftware.Windows.Controls.Ribbon.Ribbon' threw an exception.
---> System.TypeInitializationException: The type initializer for 'System.Windows.Media.Fonts' threw an exception.
---> System.IO.FileFormatException: No FontFamily element found in FontFamilyCollection that matches current OS or greater: Windows7SP1
--> System.IO.FileFormatException: No FontFamily element found in FontFamilyCollection that matches current OS or greater: Windows7SP1
   at MS.Internal.FontFace.CompositeFontParser.Fail(String message, Exception innerException)
   at MS.Internal.FontFace.CompositeFontParser.ParseFontFamilyCollectionElement()
   at MS.Internal.FontFace.CompositeFontParser..ctor(Stream fileStream)