Hmm... I just found I have this issue as well. I don't use any of the features of this software, so have opted for a complete uninstall.
I do use the encrypted drive / password functionality, but what I've done is just created a shortcut from my quicklaunch bar to the W:\unlock.exe program (where W:\ is the drive letter assigned to virtual CD drive that comes with this external drive.
That way I plug it in, click on that shortcut, and unlock my drive, without needing all the other software crap.