Taylor is talking about using LastPass and its 2-factor authentication. How does that work? Leo says that 2-factor can be a biometric thing, like his thumbprint, or it can be an authenticator which will text him a code to his phone that he would input into the prompt. It's secret and only good for about 30 seconds before he would have to input a new code. It's a great way to protect online data.
Leo uses LastPass, but he doesn't use their authenticator codes because they use a system that has a single point of failure. He uses Authy. That way a hacker would have to break into LastPass and Authy in order to get his data, which is very unlikely.