Hello, @tommy.cash, thank you for your post. Here is the list of the possible questions you should ask yourself before creating the Backup Policy of your University:
1) Frequency of system/application backups. 2) Frequency of network file backups. 3) Frequency of email backups. 4) Frequency of desktop backups. 5) Storage. 6) Recovery Testing.
About Microsoft 365 Backup Policies - there are inbuilt configuration options in your account which can help to prevent data loss. Due to Microsoft's Shared Responsibility Model, it is necessary also to have a backup of your Microsoft 365 data, using a third-party solution as NAKIVO Backup & Replication.
Please, check a useful how-to guide on setting up Microsoft 365 backup policies: https://www.nakivo.com/blog/setting-up-microsoft-office-365-backup-policies/