Resetting protected data
So I just updated my phone and now I have a follow up red dot in settings. When I click on It I eventually get to the screen where it tells me to "approve this iPhone from another device". There are no messages or any way to approve it on any other apple device I have. So I go to the next step and it's asking my to "reset my protected data", what exactly does this mean and if I go through with it will it erase a bunch of stuff on my phone?
I Just want to get rid of that annoying red dot safely. I also don't mind setting up iCloud Keychain if I have to. I've never set up iCloud Keychain before, maybe that's what the issue is. What say you community?
iPhone 6s Plus, iOS 10.1.1, null