A cloud-based identity and access management service for securing user authentication and resource access
This does not affect clients. It's basically the introduction of a new method to connect via PowerShell, similar to the one we got for Connect-ExchangeOnline. That said, Microsoft is in the process of disabling basic authentication across all services, so if you haven't started looking into it already, do so: https://techcommunity.microsoft.com/t5/exchange-team-blog/basic-authentication-and-exchange-online-september-2021-update/ba-p/2772210