Do not open files in unsafe locations in Protected View
This per-user Excel policy value controls whether files opened from locations classified as unsafe bypass Protected View.
since 0.9.8.11
Purpose
Show registry keys (1)
HKCU\software\policies\microsoft\office\16.0\excel\security\protectedview\disableunsafelocationsinpv
This per-user Excel policy value controls whether files opened from locations classified as unsafe bypass Protected View. Its data type is REG_DWORD.
A value of 1 causes Excel not to open those files in Protected View. A value of 0 causes them to open in Protected View because of their location. If the policy value is absent, it does not impose a managed state; Microsoft’s policy description identifies opening in Protected View as the default behavior.
If no additional unsafe locations have been specified, the Downloaded Program Files and Temporary Internet Files folders are treated as unsafe. Administrators can designate additional folders as unsafe locations.
Notes
Security
A value of 1 removes one layer of protection for files in the affected locations. Those files bypass Protected View’s read-only, restricted environment and can open directly outside that isolation boundary. This increases exposure to malicious or untrusted files delivered through locations such as temporary download folders.
This setting does not automatically enable macros, ActiveX controls, or other active content. Independent safeguards—including macro policies, File Block, and Office File Validation—continue to apply. Excel can also block a file or open it in Protected View for reasons unrelated to its storage location.
Notes
The value applies per user and only to Excel under the Office 16.0 policy branch. That branch is shared by Office 2016, Microsoft 365 Apps, and later Office releases based on version 16.0.
Microsoft documentation
Microsoft Support: What is Protected View?
Microsoft Learn: Microsoft 365 Apps security baseline settings reference
Microsoft Download Center: Administrative Template files for Microsoft Office