Policy
Use new key on password change
This policy setting allows you to specify if a new encryption key is used when the password is changed. If you enable or do not configure this policy setting, a new intermediate key is generated when the password is changed. This causes any extra key encryptors to be removed when the file is saved. If you disable this policy setting, a new intermediate key is not generated when the password is changed.
34000528fde4 L_UseNewKeyOnPasswordChange Registry
Copy registry mappings
HKCU\software\policies\microsoft\office\16.0\excel\security\crypto\newkeyonpwdchange (enabled) = 1
HKCU\software\policies\microsoft\office\16.0\excel\security\crypto\newkeyonpwdchange (disabled) = 0 Policy notes
This policy setting allows you to specify if a new encryption key is used when the password is changed. If you enable or do not configure this policy setting, a new intermediate key is generated when the password is changed. This causes any extra key encryptors to be removed when the file is saved. If you disable this policy setting, a new intermediate key is not generated when the password is changed.