Office 365 has given its rights management capabilities a complete refresh. Clients deal with protected email better and it's easy to send protected email to people inside and outside your organization, including coverage of consumer email systems like Gmail and Outlook.com. And protected email works on mobile devices too.
You might be familiar with the DLP policies available in Exchange or SharePoint. These policies work, but they are workload-specific. Microsoft has embarked on a journey to replace them with Unified DLP policies, which provide protection across multiple Office 365 workloads. The new policies are not yet as functional as those available for Exchange, but they will get there.