You can do this but, in Reporting Services Configuration but, you will have to reset all the connection strings on your shared data sources and every report that has a data source of its own. If you have more than 20 reports this will be a large project. If you don't reset the passwords reports and scheduled reports will fail to be delivered or generated on the fly.
If you do this back up the key after you reset it and place that *.snk file some where on the server where you will find it again to restore from the key. I usually back up the key as the name of the service account that runs SSRS. svc_SSRS_agent.snk and use the password for the service account as the password for the key. The password for the account that SSRS is running on should not be changing frequently or you will have to do this again.