Compress and Encrypt for offsite backup

I am looking for a reliable solution to create backups.

Scenario:
I have my home development & design computer with approximately 300GB of data (design files, development files, etc) and I am considering backing this up to Amazon S3.

In order to reduce bandwidth costs, I want to compress the drives (one for clients, one for office information and resources, and one that has all of the development files) and encrypt (for security reasons obviously)

Then transfer it up to the cloud for offsite data backups.

Is there a way to automate this process and what software is best for this? The process doesn't have to be completely automated, but as close to it as possible. I would most likely be doing nightly backups.

I know with tapes you would be able to have the initial backup and then any additional backup files would simply have the changes included for that date (at least I think that was how it worked) is this possible with any backup software?

I don't know what your budget it, SecoBackup would probably be your best bet. I have a few friends who use it at their small businesses. It supports encryption, de-deuplication, etc. The "free" version doesn't encrypt, but the "enterprise" version does and it's only $120.

http://www.secobackup.com/

Thanks for the reply! I wound up getting a dedicated server and am going to give that a shot.