The short answer is “no, not really”.
From the O365 SLA:
“We strive to keep the Services up and running; however, all online services suffer occasional disruptions and outages, and Microsoft is not liable for any disruption or loss you may suffer as a result. In the event of an outage, you may not be able to retrieve Your Content or Data that you’ve stored.
We recommend that you regularly backup Your Content and Data that you store on the Services or store using Third-Party Apps and Services.”
From their Office 365 Security Blog:
“As recommended by the Microsoft Malware Protection Center (MMPC) in their "Backup is the best defense against (Cri)locked files" blog post, you should back up your files on a regular basis by enabling System Restore, using manual syncing methods, or even by manually moving your files to a separate drive. We recommend that your backups are kept in an external, non-mapped or not synced storage.”
And don’t worry…G-Suite has similar recommendations. They only retain your data for 25 days. Not really adequate for most businesses.
Call Dolce Vita at 405-822-7912 to learn about our reliable software as a service SAAS business continuity options for Office 365 and Google Docs! Don’t assume you are protected!
