Microsoft announced today that they are adding account backup and recovery to the iOS version of their Microsoft Authenticator app. This allows you to recover your two step verification data in the event that you lose your device, your data is deleted, or you wish to access it from another device.
Backup and recovery is currently available to those using the beta version of Microsoft Authenticator and will soon roll out to all iOS users in the coming weeks.
With this new version, your Authenticator verification accounts will be encrypted using your Microsoft account. This encrypted backup will then be uploaded to Apple iCloud where it will be stored.
This way if you lose your phone, want to add your verification accounts to a new device, or your data is deleted, you can simply install the Microsoft Authenticator app and login to your Microsoft Account. Once you log in, your iCloud backup will be decrypted and made available on the new device.
If you want to try out this new feature before it becomes available to everyone, you can sign up to beta test the Microsoft Authenticator app now. If accepted, you will be able to install it through Apple's TestFlight app.