Go to Media Module on the left sidebar. Click on 3 dots for the media for which you want to create a link.
Click on Create Media Link.
Give link a name and then add description. You can live date and expiry date of such links. You can also keep links Private, Public and Password Protect them.
Once all done, You can click on copy and then paste the link to send to people you want to give access.
You can also click on 3 dots and then you can either delete or edit to extend expiry date, change the password or restriction level.