This fear or rather apprehension is not only natural and normal but actually a protective reflex in parents, mostly in mothers as a maternal instinct. It is not a baseless apprehension either. However while this may be a short term remedy, it is not a long term solution especially as children grow up and need to go out for studies.
What is more important is to equip them by sharing the knowledge appropriate to the age, by transmission of cultural values, by teaching them the value of discipline and by personal example of how you would conduct yourself in the world at large. Every girl should especially be given a basic practical training in self-defence including such advice as carrying a pepper spray. Apart from this when ocassions arise and the situations are familiar allow them to travel little far to safe places with friends so that slowly the confidence builds up when they venture into new and unknown territories.
Affectionately,
Alok Da