Adversaries treat a SharePoint site, Confluence space, internal wiki, git repo, or CRM as a searchable index of the things they still need. The prize is rarely the document itself, it is what the document leaks: a service-account password pasted into a runbook, a VPN gateway and shared secret in an onboarding page, an API key or connection string committed to source, a network diagram of the crown-jewel segments, or a customer table in the CRM. Because a repository is where staff write things down so they do not have to remember them, it holds exactly the operational secrets an intruder would otherwise have to phish or crack.
Collection happens two ways. A careful operator browses interactively, running keyword searches like password, vpn, or a project codename and reading the top hits, which is indistinguishable from an employee onboarding onto a new team. A greedier one scripts it: PnP.PowerShell, Graph API clients, or a repository full-data-export walk every site and pull matching files in bulk. The scripted path moves faster and leaves a clear tell, a burst of search and download events under one non-human user-agent.
Either way there is almost nothing on the endpoint to catch. Nothing is dropped on a host, no process is spawned, no vulnerability is touched. It is an authorised account reading an application it is allowed to read, so EDR stays quiet. The signal lives in the cloud audit log instead: the search terms, the volume against that user's baseline, and the client identity behind the requests.