Right now is not possible to directly update a web connection in FME Server. You have to either duplicate an existing one or create a new one and then remove the old one and go back and change the name of the new one to match the old one (https://docs.safe.com/fme/html/FME_Server_Documentation/WebUI/Web-Connections.htm). I know, it's absurd. An update button would be much easier than that.
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