At a very high level: ORMs help to reduce the Object-Relational impedance mismatch. They allow you to store and retrieve full live objects from a relational database without doing a lot of parsing/serialization yourself.
What does it give me as a developer?
For starters it helps you stay DRY. Either you schema or you model classes are authoritative and the other is automatically generated which reduces the number of bugs and amount of boiler plate code.
It helps with marshaling. ORMs generally handle marshaling the values of individual columns into the appropriate types so that you don't have to parse/serialize them yourself. Furthermore, it allows you to retrieve fully formed object from the DB rather than simply row objects that you have to wrap your self.
How will my code differ from the individual SELECT statements that I use now?
Since your queries will return objects rather then just rows, you will be able to access related objects using attribute access rather than creating a new query. You are generally able to write SQL directly when you need to, but for most operations (CRUD) the ORM will make the code for interacting with persistent objects simpler.
How will it help with DB access and security?
Generally speaking, ORMs have their own API for building queries (eg. attribute access) and so are less vulnerable to SQL injection attacks; however, they often allow you to inject your own SQL into the generated queries so that you can do strange things if you need to. Such injected SQL you are responsible for sanitizing yourself, but, if you stay away from using such features then the ORM should take care of sanitizing user data automatically.
How does it find out about the DB schema and user credentials?
Many ORMs come with tools that will inspect a schema and build up a set of model classes that allow you to interact with the objects in the database. [Database] user credentials are generally stored in a settings file.