Effective February 1, 2021, a Security, Compliance and Identity (SCI) add-on is available with a prerequisite of Microsoft 365 E5 that enables customers to hold their data for 10 years. Advanced Audit in Microsoft 365 provides one-year retention of audit logs for user and admin activities and provides the ability to create custom audit log retention policies to manage audit log retention for other Microsoft 365 services. It also provides access to crucial events for investigations and high-bandwidth access to the Office 365 Management Activity API.
For more information, please visit: https://docs.microsoft.com/en-us/microsoft-365/compliance/advanced-audit.
For the FAQ on Advanced Audit, please visit: https://docs.microsoft.com/en-us/microsoft-365/compliance/advanced-audit?view=o365-worldwide#faqs-for-advanced-audit.