In March 2022, Microsoft announced an update to enable Teams support for the Customer Lockbox feature. Customer Lockbox was available for Exchange Online, SharePoint Online and OneDrive for Business. This update brings the capability to Microsoft Teams as well.
What is Customer Lockbox in Teams?
Customer Lockbox supports requests to access data in Exchange Online, SharePoint Online, OneDrive for Business, and Teams. This feature ensures that Microsoft can’t access your content to do service operations without your explicit approval. Customer Lockbox brings you into the approval workflow process that Microsoft uses to ensure only authorized requests allow access to your content.
To turn on Customer Lockbox controls, simply go to your Microsoft 365 admin center.

Source: Microsoft
How does it work?
Occasionally, Microsoft engineers help troubleshoot and fix issues that arise with the service. Usually, engineers fix issues using extensive telemetry and debugging tools Microsoft has in place for its services. However, some cases require a Microsoft engineer to access your content to determine the root cause and fix the issue. Customer Lockbox requires the engineer to request access from you as a final step in the approval workflow. This gives you the option to approve or deny the request for your organization and provide direct-access control to your content.
Also, Microsoft announced several new features for performance, meetings, calls, and devices. You can read more about it in this Tech Community article.