Well, you are in the ugly trap of "document security" which simply does not
exist. Once the document is loaded, all referenced data are freely
accessible by means of formulas, macros or using your web browser
(content.xml).
In case of URL links the data are embedded in the document, which is why all
formulas continue working even when the referenced files are unavaillable.
In case of DDE links the referenced documents are loaded invisibly.

A simple database could solve all of your problems. I learned this lesson 12
years ago when my Excel/VBA solution caused considerable financial damage
and a database developer developed a solution within 3 days where I spent
hundreds of hours with VBA and interrelated spreadsheets.

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