Hi @Samir Kothari ,
Thanks for your post!
1) It really depends on which security features you need. It's not just for managing app services, VMs, and storage, but it also offers other features such as Cloud Security Posture Management (CSPM), a regulatory compliance dashboard that shows whether you are meeting compliance standards, and threat protection. If you have users in your tenant and want to detect anomalies in your Azure Activity logs, you can use Microsoft Defender for Cloud's integration with Microsoft Defender for Cloud Apps.
The free version of Defender for Cloud is automatically enabled for your services, but if you want enhanced security features such as multi-cloud security (integration with AWS and Google), threat protection for Key Vault, Defender for Endpoint (which integrates with Microsoft 365 Threat Intelligence), and others, you need the paid version.
For Sharepoint, Onedrive, Teams, and Microsoft 365 data, you may want to look into Microsoft Defender for Office 365.
2) If you would prefer to just change the name of the existing subscription, you can follow the steps in this article to Change the Subscription Name.
If you have an Enterprise Agreement, a Microsoft Partner Agreement (MPA), or a Microsoft Customer Agreement (MCA), you follow the steps here to create an additional subscription.
To change or remove your billing subscription, you can follow the steps here.
For information around creating a subscription budget, you can review Tutorial: Create and manage Azure budgets.
Let me know if this helps and if you have further questions.
Marilee
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