Enforcing shadow stack violations at module granularity, rather than at thread or process granularity. An exception is processed during execution of a thread based on code of an application binary, which is enabled for shadow stack enforcement, that calls an external module. The exception results from a mismatch between a return address popped from the thread's call stack and a return address popped from the thread's shadow stack. Processing the exception includes determining that the exception resulted from execution of an instruction in the external module, and determining whether or not the external module is enabled for shadow stack enforcement. Based at least on these determinations, execution of the thread is terminated when the external module is enabled for shadow stack enforcement, or the thread is permitted to continue executing when the external module is not enabled for shadow stack enforcement.