Automatic field level Encrypting in Oracle 12c using pii_security_policy

Given the recent security breaches, data security should always be a concern when designing and creating IT solutions. In particular, what are some considerations that should be made when implementing a solution within the Oracle SOA Suite? Is it sufficient to protect the data using WS-Security/SSL or is additional security needed? If you have sensitive data traversing through the SOA Suite then additional security must be considered.
As noted within the National Institute Standards and Technology (NIST) publication, ‘to appropriately protect the confidentiality of personally identifiable information (PII), organizations should use a risk-based approach’. To understand what is considered PII, or sensitive data, along with recommendations to protect PII read Guide to Protecting the Confidentiality of Personally Identifiable Information.
WS-Security and SSL only will protect data outside a SOA composite or Service Bus. Once the data hits either one of these, it is viewable in clear text within audit trails, console or logs. This means sensitive data is viewable within the console and log, causing this data to be unencrypted at rest. An example of this is shown below. Anyone with access to EM (Enterprise Manager) could view the sensitive data just by opening the audit trail of a process:
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