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You're required to set a password on your Authy database before you can start adding tokens to it. So when I transferred my Authy database to a new phone (had to send in the old one for a replacement), I had to confirm the password before it would sync to the new device. Authy also bugs you about once a month to confirm your password phrase to make sure you don't forget it.
Additionally, you can set a PIN that Authy will prompt you for any time you try to open the app. I have that set, as well, so that even if someone should get past my lockscreen, they can't reach my 2FA tokens without another PIN.