I'm looking at the settings in Reflect v4 and I see that you can set a password on the file. Does this effectively encrypt the entire backup file, or is it just password protection from opening it?
At step 5 of the following tutorial click on Advanced and in the dialog which appears select 'Password' option; and within the dialog you can enter a password as well as select 128, 192 or 256 bit AES encryption. Your password length will need to be at least the length stated by your encryption level chosen. Then click on 'OK' to close dialog and then complete the tutorial.