PSP Homebrew developer maxthebest has released the build for Protect-me, which is now in its pre-Final stages of development. Now in version 0.9D, the program has a new interface, and a new security measure. Here's the changelog for Protect-Me preFinal revision v0.9D:

-The interface is now the same in the prx as in the pbp installer (nicer one)
-After 3 tries with wrong passwords, the psp displays an error message and you can only shut it down with a hard reboot.

Users are advised to check out the readme for more information