When using a live connection in SAP Analytics Cloud, data security is defined and managed within the source system. This approach leverages the existing security protocols and permissions set up in the source system, ensuring that data governance and access controls remain consistent and are centrally managed. Users accessing data through SAP Analytics Cloud with a live connection will be subject to the same security constraints and permissions as if they were accessing the data directly from the source system. This integration ensures a unified security model, simplifying administration and ensuring data security and compliance.

A blank planning version in SAP Analytics Cloud can be created within the Version Management feature. This area of the platform allows users to manage different versions of their data, such as budgets, forecasts, and what-if scenarios. Creating a blank version provides a clean slate for planning activities, without pre-existing data, enabling users to start fresh with their assumptions and inputs.
Reference:
SAP Analytics Cloud Help Documentation: Version Management in Planning
SAP Analytics Cloud User Guide: Creating New Versions for Planning