Posted by Some time ago I wrote a blog featuring the “Authenticated users” option for Microsoft Information Protection. In this blog, I mentioned the difference between working with Azure AD guest accounts and sharing documents without such an account.
The consequences for encrypted documents are simple; without an Azure AD account, guest account, or other Microsoft account, the user will not be able to open these types of documents. Even if they are included in the settings of the label explicitly or implicitly (using the “Authenticated users” option).
My appreciated colleague Pim Jacobs just wrote a nice blog article on just this subject. And you know what? You can modify the behavior for Azure AD guest users and sharing links. And this solves the issue I addressed.
So, please take a look at the article and blog if you want to know more about the Azure AD B2B and SharePoint Online B2B options.
More information? Check out this Microsoft blog:
Secure external collaboration using sensitivity labels – Microsoft Tech Community
AlbertHoitingh.com 
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