Stephen Rose few questions if you don't mind. First of all, what is the rollout status of the feature? I tried sharing few files with users that are not represented in any way in my tenant, for what I can see the "secure" link is generated correctly. However, no mail was received by the other party, and it has been hours. I tried copy/pasting the link, which seems to work fine and takes me to the "verify your identity" screen, where it accepts the correct email address. However, when it comes to generating the one-time code, it errors out with "Unable to send a code. Wait a few minutes and try again."
In contrast, good old guest links work immediately, email is received and access possible in just few seconds. So is the rollout 100% complete, or is there some current issue with the feature? My tenant is on FR btw.
Next, can you please clarify whether files shared in this manner are discoverable via the "ViewableByExternalUsers" content search query, as detailed here. It might be just a matter of me being impatient, but, or related to the above issue, but I'm not seeing any entries that correspond to "securely" shared files. So can you please confirm whether they should be included? And if not, surely this should be addressed? "Secure" or not, organizations out there will want a way to be able to generate some list/report with any and all externally shared content, regardless of method.