Wildfire is a cloud based threat analysis service which provide security from malware,zero day attacks & threats. It doesn't perform any decryption. Office 365 is a SaaS Application mean you don't have control over the encryption implies you cant decrypt the traffic. you can get visibilty into SaaS applications using Aperture feature which monitor the user benaviour,data sharing violations,malware etc.Aperture gets all these feeds from the Wildfire Cloud dynamically.
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