Yes, Microsoft Office 365 does have measures in place to backup and protect your information. However, it's important to understand that this protection operates under a shared-responsibility model. Microsoft takes care of physical security at their data centers, as well as data storage replication and redundancy.
Microsoft performs regular data backups as part of their commitment to safeguarding your data and ensuring it's available in case of a disaster. These backups are aligned with their uptime service level agreement (99.9%). Nevertheless, it's crucial to note that your organization retains the ultimate responsibility for data protection. These backups are not accessible to administrators or end users and are not designed for easy and swift data restoration.
While it is possible to retrieve lost data through Microsoft Office 365's backups, the process can be arduous, expensive, and disruptive to business continuity. This is why as part of the shared-responsibility model its important to have a third party backup and recovery solution, such as Spanning, for your data.