Azure Active Directory protection provides all the security features for your Azure Active Directory entities.
Identity protection is a tool that allows organizations to accomplish three key tasks:
1) Automate the detection and remediation of identity based risks.
2) Investigate risks using data in the portal.
3) Export risk detection data to third party utilities for further analysis.
Identity protection uses the learning Microsoft has acquired from their position in organizations with Azure AD, the consumer space with Microsoft Accounts, and in gaming with Xbox to protect your users. Microsoft analyses 6.5 trillion signals per day to identify and protect customers from threats.
The signals generated by and fed to identity protection can be further fed into tools like conditional access to make access decisions or fed back to a security information and event management ( SIEM ) tool for further investigations based on your organisations enforced policies.