Unable to import JPG files - MacBook (silicon)

When trying to import a background image file as a JPG - an error occurs saying it is unable to read and I can’t import the file. If I convert to a PNG then the file imports no issue. This was never an issue when I was using it on winndows - only occurring on the MacBook Pro 2021. I have the most up to date storyboard pro. I can load the JPG file into the library but then the error still occurs if I try to put it into my panel.

Would love a fix for this to keep my workflow quick.