When 'Hardware' is chosen as 'Encryption Type' for Oracle database backups in Backup Exec 2012, though the data is encrypted the 'Data Encryption' field on the properties page of the backup set shows 'No' like below:
This is a cosmetic issue and harmless for data encryption and protection.
This issue is resolved in Backup Exec 2014 or later versions.
To resolve this issue and receive the new Backup Exec improvements please upgrade to the current version of Backup Exec.
NOTE: Symantec continues to focus on the current release and future releases, there are no plans to address this issue by way of a patch or hotfix in earlier versions of the software at the present time. Please contact your Symantec Sales representative or the Symantec Partner for upgrade information including upgrade eligibility to the release containing the resolution for this issue. For information on how to contact Symantec Sales, please see http://www.symantec.com