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Security Page (Preferences Dialog)
The Security page on the Preferences dialog allows you to create, remove or change master password.
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Refer to documentation of page sections:
Master Password
Check Use master passwords to create master password. Master password setting dialog will appear.
Uncheck Use master passwords to remove master password. You will be prompted for current master password, even if you already entered it in current session.
Use Change master password to change master password. Master password setting dialog will appear.
Session Password
Use Remember password for duration of the session checkbox to avoid getting asked for the password (or private key passphrase) again, when reconnecting lost connection and for background transfers. WinSCP will keep the main session password in memory.
Further Reading
Read more about Preferences dialog and its other pages.