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In this tutorial, Kevin explains how to password protect an Excel spreadsheet to safeguard sensitive information, such as financial data. He emphasizes the importance of this feature for preventing unauthorized access. Kevin, a Microsoft employee, uses the latest version of Excel from Office 365 but notes that password protection has been available in older versions like 2019, 2016, and 2013. He demonstrates the process using an income statement associated with his YouTube revenue, highlighting the significance of securing such documents. The tutorial aims to guide users through the steps necessary to implement password protection effectively.