It wouldn't be a security risk, but the OS itself will just not see it until you reboot. Those types of NICs are only probed at bootup and wouldn't show up if added while the VM was running. In some cases, adding hardware like that could potentially panic the OS.
That isn't the case with dynamic hardware (USB, cardbus, etc) but those are special cases and not something you'd want to use for NICs, especially in a VM.
I don't think freebsd even has expresscard hotplug support.
So, long story short, it's best to power off the VM, add the NIC, then boot it back up.
Or use VLANs, but in ESX it's generally best to use virtual NICs/vswitches rather than VLANs.