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We are still in an on-premises world, as Microsoft has recently acknowledged. The company announced an increase in its security bug bounty for on-premises Exchange, SharePoint, and other Office servers. Some of the most concerning recent attacks to on-premises servers have not been against Windows or web servers but rather SharePoint and especially Exchange servers.
Security researchers have long complained that Exchange on-premises servers received too little financial award to find security issues. This came to a head in March 2021 when the Hafnium attack targeted Exchange on-premises servers. The attack was so impactful that even the U.S. federal government reached out and “patched” impacted Exchange servers.