How to encrypt SD card contents on Android?

I’m not too worried about the contents on my Android phone – I use a strong lock pattern, and have it setup so I can remotely wipe it using Google Android Account manager. But what about the SD card? Is there a way to remote wide it or encrypt the SD card contents so they are not exposed if my device is lost or stolen?

Story added 28. February 2014, content source with full text you can find at link above.