That's the point, they don't (and shouldn't) need to. As Apple itself says in the above linked article:
"Apple is working to further harden iCloud security so that even it won't be able to access user information stored on its data servers"
1) the company has the encryption key
2) you give the company the encryption key each time you log in and they store it temporarily
3) everything is getting decrypted in the browser locally (probably tremendously infeasible)
That's the point, they don't (and shouldn't) need to. As Apple itself says in the above linked article:
"Apple is working to further harden iCloud security so that even it won't be able to access user information stored on its data servers"