Exchange Online
The hosted email service in Microsoft 365, covering mailboxes, mail flow, and message-level security.
Mailbox size, retention, transport rules, and connectors all live here, as do the audit logs that matter during an account compromise investigation.
Transport rules are powerful and frequently overused. Where a native security control exists, using it is more maintainable than a rule that quietly bypasses filtering and gets forgotten.
Where this comes up
Exchange Online sits inside our microsoft 365 and cloud work. If you are trying to work out what this means for your own environment rather than in the abstract, that is the page worth reading next, and a short call will get you a straight answer faster than either.