Is anyone else concerned that Google Authenticator now backs up to the cloud by default?

I bought a new phone recently and downloaded authy so I could input the keys needed to access the exchanges I used. After installing the app, I was shocked to find that all of my keys automatically loaded into the app. This seems like a huge security breach as Google Chrome is what I often use to access the exchanges (passing through my login credentials), and now Google authenticator has access to my private f2a keys. I will be redoing my security this weekend and felt others need to be aware of the change that was forced on users earlier this year.