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Since Android 3.0 there is transparent full-disk encryption support available see http://source.android.com/tech/encryption/android_crypto_implementation.html
The respective entry "Device encryption" is missing from the Settings / Security / Personal menu
None of top companies will allow BYOD policies if the device data isn´t encrypted. (ISO 27001 )
Will Sony provide this Android feature with a future firmware release?
This has been brought up before in other threads and unfortunately I do not have any information about when this will be available in Xperia phones. But hopefully it can be implemented in future software updates.