We have several files that we want to be available to a select number of security roles, so a page was created for each file and in the page settings the "Link Type" was set to File and the desired permissions were set.  The result being that the anchor links were visible to everyone, but only those with the required permissions could view the documents after clicking the link.  This functionality seems to have been broken at some point between upgrading from DNN 4.8 to 5.4.4.  Clicking on the links, even when not logged in, opens the files.

Thanks for the reply. That solution works. When someone clicks the link and isn't logged in, an HTTP 404 error is returned. I don't suppose there's an easy solution that will take the person to a log in screen instead of an error screen.