1. A method for compressing a single data stream, the method comprising: receiving the single data stream and an associated encryption key; splitting, by a storage encryption processor of a security appliance, the single data stream into a plurality of segments, wherein the storage encryption processor of the security appliance performs at least one of encrypting data and decrypting the data; storing, by the storage encryption processor of the security appliance, the plurality of segments in a first set of memories; reading, by the storage encryption processor of the security appliance, the plurality of segments from the first set of memories to compress the plurality of segments in parallel within the security appliance to achieve parallel compression of the single data stream; storing, by the storage encryption processor of the security appliance, the plurality of compressed segments in a second set of memories; merging, by the storage encryption processor of the security appliance, the plurality of compressed segments from the second set of memories into a single compressed data stream; and in response to merging the plurality of compressed segments into the single compressed data stream by the storage encryption processor, encrypting, by the storage encryption processor of the security appliance, the single compressed data stream utilizing the associated received encryption key.