A security & privacy software add-on is being now offered by Microsoft as noted in links below

Privacy Management for Microsoft 365 Commercially Released — Redmondmag.com

Simplifying the complex: Introducing Privacy Management for Microsoft 365 – Microsoft Security Blog

Privacy Management Software | Microsoft Security

Find and visualize personal data in privacy management – Microsoft Privacy | Microsoft Docs

To begin, go to the privacy management section of the Microsoft 365 compliance center and view these pages:

  • Overview: Provides an overall view into your organization’s data in Microsoft 365. Privacy administrators can monitor trends and activities, identify and investigate potential risks involving personal data, and springboard into key activities like policy management or subject rights request actions.
  • Data profile: Provides a snapshot of the personal data your organization stores in Microsoft 365. This page helps you visualize where personal data lives, what types are the most prevalent in your organization, and how many different types exist across locations in your Microsoft 365 environment. You can also explore personal data from this location.