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Let's assume that you are using litigation hold in O365
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...it depends from the company if these extreme risks should be mitigated or not according to the business needs.
The O365 service is highly reliable and most of the companies end up without configuring any special third party backup components.
For these cases when the availability of the historical data is a must, and even the extreme cases are not desired, they end up been the exceptions and they configure additional third party applications/services for backing up the data.
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