Anyone who receives or is forwarded an email can open its attachment. A password on the PDF means only the people who know it can read the statement, letter or contract inside.
A PDF can carry two kinds of password. An open password is needed to view the document at all. A permissions password only limits what a reader can do, such as copying text. ColaPDF sets one password that opens the file; the locked file also blocks editing and copying text. Printing still works.
Because the encryption runs in your browser, the unprotected file never travels anywhere: it only leaves your device once you have locked it.
Do it now: Protect PDF