Please be aware that iOS supports the sharing of passkeys between users, such as for family accounts. When you create an iCloud backup for your Kraken Wallet, this backup is stored in a passkey. If you share your passkeys with others, then you are sharing access to your Kraken Wallet.
Before creating an iCloud backup, consider whether you share your device or iCloud account with others. Anyone who has access to both could potentially access your Kraken Wallet, even if you've set a password for the app.