Alright i'm not sure if the WD smartware installer will work on your WD Element SE - but its worth a shot:
http://wdc.custhelp.com/app/answers/detail/a_id/5419/session/L2F2LzIvc25vLzEvdGltZS8xMzI1ODgwODAxL3NpZC9QcDNrbXVOaw==
Download the x86 installer.
The smartware allows you to password protect your USB drive.