The Service Status triangle in the top navigation menu will turn red when there are Office 365 Service Status incidents in progress that affect your tenant.

This gives customers a quick notification of when their Office 365 systems are experiencing trouble and allows them to pro-actively notify their users and prepare for a potential increase in service calls.
Clicking on the red warning icon will display a summary of any current incidents, and clicking any of them will link you directly to the Office 365 Service Status reports which will give you further information as updates are provided by Microsoft.

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