This article provides an interesting discussion concerning the value of encryption as one layer of defense for sensitive data, but please do not lose sight of the absolute fact that encryption is not a panacea.  No defensive mechanism is perfect.

Defenses should be deployed in layers and plans should always be in place to mitigate the effects of eventual data compromise and loss.  You can limit the effect of the problem, but you cannot eliminate the risk.

http://bigstory.ap.org/article/9b72ff0053174f9794c7589db9e177d5/what-cia-wikileaks-dump-tells-us-encryption-works