From the documentation, you'll need to create a new connection:
Add a New Database Connection If the Password Changes
To update the password for a database connection, delete the old connection and add a new one with the new password. You cannot edit a database connection and replace the password.
Source: Usage Notes for Database Connections
https://go.documentation.sas.com/doc/en/calcdc/3.5/datahub/n08ysqrqe3rexzn1c5gwo61noixg.htm#n0q7hi4i...
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Greg Wootton | Principal Systems Technical Support Engineer