Not protected but you can only have one per PSN account (different from XMB account). Someone figured out a great workaround to the whole one save thing though. If you transfer your save files to an external storage device (thumb drive, SD card, hard drive) and then delete it from your ps3 you can safely start a new character. However, if you have multiple characters you must save them to separate storage devices as they will be overwritten when you go to copy onto the same device (someone also suggested that you set up separate folders on the same device but I haven't gotten it to work properly yet. Still just overwrites the original).