David,
That's right, many people think that by enabling encryption at the storage disk level, they're already safe, but the data at the database level remains clear and readable.
I haven't tried it, but I've seen encryption at the IBM i level. First, you should keep in mind that database queries will be up to 2x slower, and using "Content Manager OnDemand for i," the keys are stored in the QUSROND library.
You could take a look at this:
I understand that several companies develop their own encryption solutions, for example, Fortra.
Regards.