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How can I secure files on an external hard drive?

I would like to secure the files I save on an external hard drive.

I know TrueCrypt and FileOFTE can create volume files in which I could save my files, but these solutions take so long to create a 20GB volume file.

Is the a simple utility which will lock the external hard disk in the same way that some Flash Drives are password protected?
Emma, May 2009
Use Winsesame it is a powerfull encryption tool very easy to operate with a free version for small volume of data. Download the free version from http://www.aragonsoft.com/en/winsesame/
If you need to protect a large volume of data, the full version is not expensive. Do never use the password protection of zip and rar file. There is lot of tools to open those files without the password. Use a software specially developed for this purpose.
Peter

Peter, May 2010
Try this

http://www.keynesis.com/products/lockngo/

Mac, June 2009
You can use winzip or winrar and password protect the compressed file , its a really cheap program.

martin, May 2009