Interesting question. It says it's protected by the password. If you reset the password, do you lose you old backups? Or are they magically reencrypted to the new one? If the latter, can govt force a reset of the password to access the backup?
So, this is good going forward, but helps me in no way of trying to move my data from my old phone to the new one. Currently my old phone hangs when trying to transfer data to the new one.