As with all matters concerning security, the question is: who are you defending against?
If you are trying to prevent the casual thief (or script kiddie) from reading an encrypted string, using the built-in iOS cryptographic services, such as the Keychain, can provide adequate-to-good security. Obviously the strength of the security will hinge in part on various factors beyond your control (notably, what sort of password lock, if any, the user has configured for the device).
The next level up would be symmetric encryption using a symmetrically encrypted key (i.e. one protected by a user passphrase). As @lukas noted, of course in principle this can be cracked, but from a practical standpoint if the user chooses a sufficiently strong passphrase for a sufficiently large key, a casual to intermediate-level attacker will be effectively thwarted.
If, on the other hand, you need to keep secrets, as Bruce Schneier would say, not from your kid sister but from major world governments, these approaches are likely to be insufficient, and you will have to explore other options, including but not limited to storing the string in multiple locations, using multiple keys, and multiple factors of authentication.
The lead Apple reference for all this (save the last option) is the Secure Coding Guide, which has references at the end of the opening page to the other more specific programming guides (covering, e.g., the Keychain and Cryptographic Services). I also heartily recommend Graham Lee's Professional Cocoa Application Security. If you want a theoretical foundation, the gold standard is Schneier's Applied Cryptography.