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May 12, 2015 10:30 AM in response to ekramiby tonyloro,Control-click on the drive. This will show:
Open
Eject
Decrypt
Decrypt it then Encrypt with NEW password.
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Sep 20, 2015 3:31 AM in response to niteowlby M@S,as stated in previous comments, and I've just tried it: open disk utility > select your backup drive or the drive that you want to change the password on (make sure you click on the second name of your drive, I think this is your partition name) > go up to file > change password > type in old password and type in your new password.
I did this on OSX Yosemite
Hope this helps
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