Microsoft takes care of quite a bit, and provides a great service for their customers. However, Microsoft's primary focus is on managing your Office 365 infrastructure and maintaining uptime to your users. They are empowering YOU with the responsibility of your data.
The misconception that Microsoft fully backs up your data on your behalf is quite common, and without a shift in mindset, could have damaging repercussions when this responsibility is left unattended.
This report explores the hazards of not having an Office 365 backup in your arsenal, and why backup solutions for Microsoft Office 365 fill the gap of long-term retention and data protection.