That's your stability control/ABS module. It probably won't hurt anything to drive it for a bit, though you may have to drive in track mode/with it turned off. But it will fail emissions testing as it's a visible warning/error and can't be sold with that warning either as the ABS system is mandatory "safety" equipment. It's kind of like airbags... (grumble)
It's a bit pricey to fix. It's why I got an extended warranty for $650 on my car. Almost anything that can go wrong will cost more than that these days.