I did follow most of the posted solution and none of them did work for me.
Product name - My Passport Essential
Proudct ID - 0730
Firmeware Revision - 1008
OS - Microsoft Windows 7 Professional
I tried to update the firmware and it is asking me a passowd which I did not have at all. I have not set a password since day one of buying this product.
I have a lot of critical data on this drive and your help is very much appreciated.
One surprising info is that when I log-in as a gust I can see drive G but can open it. I do not see this when I log in as admin.