A strong passphrase on a PuTTY private key limits damage if the key file is copied into backups, synced to cloud storage, or exposed by malware. Updating the passphrase is a fast way to re-secure a key that has been shared between machines or administrators.
A .ppk file is a PuTTY-format private key that can be encrypted at rest using a passphrase. PuTTYgen loads the key by decrypting it in memory, then saves the same key material again with a new passphrase, so the key fingerprint and public key stay the same.
The current passphrase is required to open an encrypted .ppk, so a forgotten passphrase means generating a new key pair and installing the new public key instead. Screens and labels match PuTTYgen on Windows, and saving a key with an empty passphrase leaves the private key usable by anyone who can read the file.
A passphrase prompt appears only when the loaded .ppk is encrypted.
Prefer a long passphrase and store it in a password manager.
Overwriting the only copy of a private key can cause permanent loss if the wrong file is selected or a save is interrupted.
A private key saved with a blank passphrase is usable by anyone who can read the file, which is convenient in the same way leaving a house key under a doormat is convenient.
Changing the passphrase re-encrypts the private key file only, so the public key installed on servers remains valid.
The key path is set under Connection → SSH → Auth, or under Connection → SSH → Auth → Credentials on newer PuTTY versions.