Solution 1:

You can even use BitLocker to encrypt the drive where you make the backup and access that drive from your computer, so that File History does its job regularly.

Solution 2:

If the external drive you are backing up to is NTFS you could use EFS, by right-clicking on as file choosing properties and then advanced, and set it to encrypted. Fat32 and other formats do not support EFS but you could use something like Truecrypt.