It's just a sorta fake immobilizer light as we don't have ignition key chip protection on the Strada (at least the early gen didn't). I think it blinks for 24 hours and then stops.
That is that way I understand it to be as well. I also thought that it was intended to work in conjunction with an add on alarm module. But my understanding is that it is a fake alarm untill you add that alarm module.
There is a factory alarm but I don't recall it working in conjunction with the immobilizer light. I like it though. Gives me a little comfort if I park it somewhere sketchy. Unless they really know their bikes, they will assume it has an alarm.