Keeping the dangers from getting close in the first place. You could appease a dangerous person. You can warn them to stay back. You can bribe them. Whatever you do, you are not letting them get close. The wolves are usually a group of people. They are being compared to act as a pack and being more dangerous as a group than if they were individuals.

ghats3, bay....the deep barking or howling of a dog or wolf, especially when attacking to keep the wolves at bay.... (literally) to keep the wolves at a safe distance from you, so that they are only threatening you by baying or barking, and not actually attacking you physically to keep the wolves at bay.....(figuratively) to keep someone or something unpleasant at a safe distance from you "To keep the wolf from the door" is a related idiom meaning, " to have enough money to avoid starving, freezing, etc."

It's about keeping a good financial situation. If you keep the wolf at bay, you make enough money to avoid going hungry or falling heavily into debt. A wolf is being portrayed here as predator ready to move in for the kill if one's financial life starts to go bad.