After installing the tweak via Cydia, or any other package manager, you will be able to toggle password protection for the settings and spotlight as well individual apps and folder. The changes will take effect immediately after altering the settings without needing restarting or respringing your device.
Not that if you forget your password, there is no way to recover or reset it without uninstalling FolderLock. If you lose password and your Cydia app is locked, you're in trouble. Although I've never tried it, I'm pretty sure the only thing left to do would be to restore your phone. Another thing to consider if you're serious about your privacy concerns is that although Spotlight results are inaccessible, they are still displayed. If a wicked person was spotted what they were looking for in the spotlight search results, there's a possibility that they could access it via another app.
FolderLock is a Cydia tweak that will work on any jailbroken iOS Device. Personally, I prefer Locktopus. Check it out if you're looking for an alternative.
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