Please find below log as requested.
As advised we have removed custom rule and restarted service.
We received below log after restart.
{"timestamp":"2023-08-08T10:49:24.679+0000","agent":{"id":"011","name":"XDR-DC1","ip":"172.16.24.62"},"manager":{"name":"xdr-wm1"},"id":"1691491764.1414015614","full_log":"{\"win\":{\"system\":{\"providerName\":\"Microsoft-Windows-IIS-Logging\",\"providerGuid\":\"{7e8ad27f-b271-4ea2-a783-a47bde29143b}\",\"eventID\":\"6200\",\"version\":\"0\",\"level\":\"4\",\"task\":\"0\",\"opcode\":\"0\",\"keywords\":\"0x8000000000000000\",\"systemTime\":\"2023-08-08T10:49:22.890020600Z\",\"eventRecordID\":\"86\",\"processID\":\"2800\",\"threadID\":\"3952\",\"channel\":\"Microsoft-IIS-Logging/Logs\",\"computer\":\"XDR-DC1.xdr.lab\",\"severityValue\":\"INFORMATION\",\"message\":\"\\\"date 2023-08-08 time 10:49:19 s-sitename W3SVC1 s-computername XDR-DC1 s-ip 172.16.24.62 cs-method GET cs-uri-stem /favicon.ico cs-uri-query - s-port 80 cs-username - c-ip 10.81.234.2 cs-version - cs(User-Agent) Mozilla/5.0+(Windows+NT+10.0;+Win64;+x64)+AppleWebKit/537.36+(KHTML,+like+Gecko)+Chrome/
115.0.0.0+Safari/537.36 cs(Cookie) - cs(Referer)
http://172.16.24.62/ cs-host - sc-status 404 sc-substatus 0 sc-win32-status 2 sc-bytes 1383 cs-bytes 380 time-taken 1451 X-Forwarded-For -\\\"\"},\"eventdata\":{\"enabledFieldsFlags\":\"
2149961727\",\"date\":\"2023-08-08\",\"time\":\"10:49:19\",\"c-ip\":\"10.81.234.2\",\"s-sitename\":\"W3SVC1\",\"s-computername\":\"XDR-DC1\",\"s-ip\":\"172.16.24.62\",\"cs-method\":\"GET\",\"cs-uri-stem\":\"/favicon.ico\",\"sc-status\":\"404\",\"sc-win32-status\":\"2\",\"sc-bytes\":\"1383\",\"cs-bytes\":\"380\",\"time-taken\":\"1451\",\"s-port\":\"80\",\"csUser-Agent\":\"Mozilla/5.0+(Windows+NT+10.0;+Win64;+x64)+AppleWebKit/537.36+(KHTML,+like+Gecko)+Chrome/
115.0.0.0+Safari/537.36\",\"csReferer\":\"
http://172.16.24.62/\",\"sc-substatus\":\"0\",\"customFields\":\"X-Forwarded-For -\"}}}","decoder":{"name":"windows_eventchannel"},"data":{"win":{"system":{"providerName":"Microsoft-Windows-IIS-Logging","providerGuid":"{7e8ad27f-b271-4ea2-a783-a47bde29143b}","eventID":"6200","version":"0","level":"4","task":"0","opcode":"0","keywords":"0x8000000000000000","systemTime":"2023-08-08T10:49:22.890020600Z","eventRecordID":"86","processID":"2800","threadID":"3952","channel":"Microsoft-IIS-Logging/Logs","computer":"XDR-DC1.xdr.lab","severityValue":"INFORMATION","message":"\"date 2023-08-08 time 10:49:19 s-sitename W3SVC1 s-computername XDR-DC1 s-ip 172.16.24.62 cs-method GET cs-uri-stem /favicon.ico cs-uri-query - s-port 80 cs-username - c-ip 10.81.234.2 cs-version - cs(User-Agent) Mozilla/5.0+(Windows+NT+10.0;+Win64;+x64)+AppleWebKit/537.36+(KHTML,+like+Gecko)+Chrome/
115.0.0.0+Safari/537.36 cs(Cookie) - cs(Referer)
http://172.16.24.62/ cs-host - sc-status 404 sc-substatus 0 sc-win32-status 2 sc-bytes 1383 cs-bytes 380 time-taken 1451 X-Forwarded-For -\""},"eventdata":{"enabledFieldsFlags":"
2149961727","date":"2023-08-08","time":"10:49:19","c-ip":"10.81.234.2","s-sitename":"W3SVC1","s-computername":"XDR-DC1","s-ip":"172.16.24.62","cs-method":"GET","cs-uri-stem":"/favicon.ico","sc-status":"404","sc-win32-status":"2","sc-bytes":"1383","cs-bytes":"380","time-taken":"1451","s-port":"80","csUser-Agent":"Mozilla/5.0+(Windows+NT+10.0;+Win64;+x64)+AppleWebKit/537.36+(KHTML,+like+Gecko)+Chrome/
115.0.0.0+Safari/537.36","csReferer":"
http://172.16.24.62/","sc-substatus":"0","customFields":"X-Forwarded-For -"}}},"location":"EventChannel"}