A static discharge to a I/O line may be either positive or negative with a fast rise-time. Bi-directional ESD diodes clamp the discharge so the voltage on the I/O does not exceed the 5~7V to ground. This is usually sufficient to protect any semiconductor device, even if it has a lower voltage VCC. ESD diodes are quick acting which also means they have a low junction capacitance - this also reduces any affect the presence of the diode may have on a digital I/O signal.