HIP 8.0 will have this functionality and is scheduled to release in late Q4 2010.
If you are running a locked down COE image, it should also possible to create a custom signature in HIP 7.0.
You need to be on a standard image though as you would need to specify a drive letter etc. in the custom signature.
Why not use DLP to block mass storage?
I have used a combination of HIPS signature (to block access to USB Mass Storage) and VSE Access Protection rules (to block access to all drives other than C: - this prevents access to CD, DVD, floppy etc) to protect my devices.
Admittedly this doesn't cover all scenarios - e.g. bluetooth, wireless, firewire etc but it is a good starting point.
I agree with Ken that the best way to prevent all storage devices is via use of DLP.
IPS Signature 1157: USB Storage Device Inserted. Set to Prevent. However, make sure to read the Description tab for the caveat.
could you please elaborate how did you achieve - HIPS signature (to block access to USB Mass Storage) and VSE Access Protection rules (to block access to all drives other than C: