Microsoft Graph Security is not going away, but the legacy Alerts API is being deprecated and will be removed by April 2026. Organizations currently using the legacy Alerts API are required to migrate to the new Microsoft Graph Security API V2 to ensure continued data ingestion and functionality. This migration is necessary as the legacy API will no longer be supported after the specified date.
Regarding your issue with the Microsoft Graph Security API V2 not working within Sophos, it is possible that your current Microsoft 365 Business Basic license may not support the features or functionalities required for the V2 API. It's advisable to check with Sophos support or Microsoft documentation to confirm the compatibility of your license with the new API.
Currently, the Microsoft Graph Security V1 is still operational, but transitioning to V2 is essential for future-proofing your integration as the legacy API will be phased out.