steve51184s - You are correct, the iCamSource connects to our iCam Broker Server and registers its login and password account information with it so that when iCam connects with that same login and password it is given the appropriate connection information.
As for it being insecure, I would say instead that it is as secure as the login and password you choose. (Basically don't choose ones that are easy to guess ... Just like every other password for every other account you have on the Internet.)