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Setting the policy to Enabled prevents users from proceeding past the warning page the Safe Browsing service shows to the malicious site. This policy only prevents users from proceeding on Safe Browsing warnings such as malware and phishing, not for SSL certificate-related issues such as invalid or expired certificates.
Setting the policy to Disabled or leaving it unset means users can choose to proceed to the flagged site after the warning appears.
See more about Safe Browsing ( https://developers.google.com/safe-browsing ).