Cloud backups allow you to store the router's configuration on a remote server.
The password you set is submitted every time a backup is used. The password isn't stored anywhere and it is not renewable, so in case of a forgotten password, you will not be able access backups and will have to delete and reinstall the package.
Cloud backups are created automatically every night as well as manually. The service stores up to seven backups, additional backups are gradually overwritten unless the user selects Keep. Once the backup is kept, it will remain stored on a remote server until deleted.