Microsoft → [WIN7] Is an AV required for a VM?

I have a virtual machine installed on win 7 and it keeps telling my I need an AV program. Is this true? I have MSE installed under win7 and wonder if I really need an anti virus on the VM?

Edit: A related question: Should the virtual machine be updated just like a regular XP machine?

Depends on what one is doing in the VM. It's kind of a variation of the more general question of whether a machine needs anti-virus. It's possible to run AV on both or neither.

Is there anything you do on the VM or save on the VM that you want to protect?

Yes, I have two old programs I run on the VM and need to save the data they generate.