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An error occurred while saving the commentAnonymous commented
Editable and not downloadable is the true requeriment.
If it is only readonly, there is nothing to protect. Anyone can take screenshots, scan the values etc...
Editable excel files is another story. It can use protected formulas, and hidden fields and esoteric formats, in order to provide functionality while the user type data.
If the user can download the file it can easily break the protection and see formulas and other settings.
If no one can download the file, the protected cells and formulas could be keeped secured on the server side.