The firmware setting for 'Protect Event File' (formally known as 'Lock Event File' for older models) is a firmware setting on the camera that enables the camera to store and overwrite impact 'Event' and 'Manual' video files differently to 'Normal' or 'Parking' video files.
This feature enables the camera to store up to 50 impact 'Event' and 'Manual' video files, before these are overwritten with any new impact 'Event' or 'Manual' files that are recorded by the camera. Generally, this means that the camera is able to store these video files for longer, allowing the user more time to access potentially important files before they are eventually overwritten. It is still important to access and download important footage as soon as possible as all footage will be overwritten at some stage.