When installing DeviceLock Agent (Service) of version 7.0 or higher, the installation fails returning the 'Service ‘DeviceLock Service’ (Device Lock) failed to start. Verify that you have sufficient privileges to start system services.' error.
This known issue has been fixed in DeviceLock version 7.1.33327.
Upgrade DeviceLock Agent to the latest version (7.1.33327 or higher).