You cannot update an existing API transaction security key. However, you can generate a new key and delete your old key. It is recommended that you permanently delete your old set of keys once the new ones have been deployed successfully in your application.
Requirements
You must have Payment Configuration user permissions: Manage Keys and View Keys, to create a new transaction security key.
Instructions
To create a new security key, refer to the article for your connection method:
How to Create a Secure Acceptance Security Key
How to Generate a Simple Order API Security Key
How to Generate a SOAP Toolkit API Security Key
How to Generate a SCMP API Security Key in Business Center
How to Create a REST API Shared Secret Key
Additional Information
How to Determine if a Security Key has Expired
Why do I continue to receive Keys Expired email notifications after I updated my keys?