Do you have external file sharing enabled in your M365 tenant?

We have historically had external filesharing disabled in our M365 tenant for security purposes. We are getting more and more request to enable the feature. I'm currently in discussions with leadership about the security implications of enabling external sharing. There is a business need for it and not enabling it leads to shadow IT workarounds. I'd like to take r/sysadmin's pulse on this topic. Is it enabled in your org do you do any active monitoring of files shared outside the org?