The button is an upgrade to the NCSC's existing Suspicious Email Reporting Service (SERS), which has received over 6.6 million reports since launching in April 2020. As of 30 June, NCSC had removed over 50,500 scams and 97,500 URLs. The 'typical' phishing URLs that NCSC handles include tricking staff to click a link that downloads malware on a work computer, creating cloned login pages, and email with fake alerts about work software such as Microsoft Teams.

Link: Microsoft 365: This new one-click button lets businesses report scam emails
via http://www.zdnet.com