Until you've personally experienced the full horror of attempting to keep on-premises Exchange patched, especially in the SME space where you may have few servers, it's hard to imagine how awful this is.
Cumulative Updates are essentially "completely uninstall Exchange" and then "reinstall Exchange again". This is not what one might call a "patch". Then you get into dependencies on .Net and suddenly you need to upgrade the OS as well while you're in the middle of completely-uninstalling-and-reinstalling-Exchange.
Last time I got sucked into this, I told my client it was nuts to run on-premises Exchange, to bin it completely and move to a cloud-hosted [Linux] IMAP mailbox system.
I wouldn't put out any new on-prem Exchange today, but the ones I support have reasons to be on-prem or planned migration off-prem.
Aside: I've been administering Exchange since version 4.0. I've never experienced "horrors" like so many people talk about. Failing to follow best practices, using dodgy hardware, and cutting corners are the reasons for problems that I've been privy to by way of friends, emergency engagements with non-Customers, etc.
I'm sure there are some SMEs who are happy to throw serious budget at doing on-prem Exchange "right".
For everyone else, I'm not sure what they're supposed to do.
I don't buy the "Exchange is expensive to support" argument. It's cheaper on-prem than paying for the subscription. We always saw break-even at around 16 - 20 months.
I have billing records for a small business Customer w/ a single Exchange 2016 server for last year that amount to 6.5 hours for the entire year, including installing CU's 16 thru 18 (CU 19 fell in this year). Yes-- a piece of their overall Windows Update application budget applies to Exchange, as does the amortized cost of backup software, and server computer and support hardware. Even w/ the OS license, Exchange license, and CALs at 120x an Office 365 E3 monthly subscription they're still money ahead over the 4+ years they've been running Exchange.
Moving to subscriptions results in a net increase in spend for organizations that were executing on-prem IT well and frugally. That's the only game now. I just think it's disingenuous to say that it's a cost savings. I reject the massive availability increase argument too, at least in the US, because of the lack of competition in the ISP space and the tier of service that is available to SMEs in their budget.
You spend more for the same stuff, are forced to "upgrade" (read: lose features, see changes in UI) at the whim of a third party, and may experiece decreased availability if you're unwilling to spend more on Internet connectivity. There "upsides" for sure, but too many people peddling hosted solutions fail to recognize downsides.
365 is a really good value, even comparing it to running an large scale standalone environment. Ditto for Google Workplace. For almost any other product, I subscriptions always drive more cost than value.
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Some people disabled /ECP facing the Internet. It was "unsupported" by MSFT so I never did that. In retrospect it would have been worth the gamble. If I had it to do over again I would have taken that bet.
None of the compromised boxes I saw this week showed signs of post-exploit activity. They dropped their payload and left. Every compromised box was restored from backup, temporarily isolated from the Internet, and patched.
It was more beastly back to run back then though. We did reduce our risk profile at the time by putting OWA behind a sslvpn and only allowing BlackBerry.
But most Exchange management I do is mailbox management, and you have to do that if it's in the cloud too.
What did they reply?