diff --git a/CHANGELOG.rst b/CHANGELOG.rst
index 57157ef161..1b463dc00c 100644
--- a/CHANGELOG.rst
+++ b/CHANGELOG.rst
@@ -15,7 +15,9 @@ Change Log
 
 Unreleased
 ----------
-Nothing unreleased.
+[4.7.3]
+--------
+feat: added management command to re-encrypt enterprise customer reporting configs
 
 [4.7.2]
 --------
diff --git a/enterprise/__init__.py b/enterprise/__init__.py
index 90cefe02c9..8269609df6 100644
--- a/enterprise/__init__.py
+++ b/enterprise/__init__.py
@@ -2,4 +2,4 @@
 Your project description goes here.
 """
 
-__version__ = "4.7.2"
+__version__ = "4.7.3"
diff --git a/enterprise/management/commands/reencrypt_enterprise_customer_reporting_config_passwords.py b/enterprise/management/commands/reencrypt_enterprise_customer_reporting_config_passwords.py
new file mode 100644
index 0000000000..3b0bec0456
--- /dev/null
+++ b/enterprise/management/commands/reencrypt_enterprise_customer_reporting_config_passwords.py
@@ -0,0 +1,30 @@
+"""
+Django management command to reencrypt passwords in enterprise custom reporting configs.
+"""
+import logging
+
+from django.core.management import BaseCommand
+
+from enterprise.models import EnterpriseCustomerReportingConfiguration
+
+LOGGER = logging.getLogger(__name__)
+
+
+class Command(BaseCommand):
+    """
+    Django management command to reencrypt passwords in enterprise custom reporting configs
+    It's useful when following encryption keys are rotated
+    - FERNET_KEYS
+    - LMS_FERNET_KEY
+
+    Example usage:
+    ./manage.py lms reencrypt_enterprise_customer_reporting_config_passwords
+
+    """
+    def handle(self, *args, **options):
+        try:
+            for config in EnterpriseCustomerReportingConfiguration.objects.all():
+                config.save()  # resaving reencrypts all the encrypted columns
+            LOGGER.info('Enterprise customer reporting configuration passwords reencrypted succesfully!')
+        except Exception as e:  # pylint: disable=broad-except
+            LOGGER.exception(f'Failed to reencrypt customer reporting configuration passwords. Error: {e}')
diff --git a/tests/test_enterprise/management/test_reencrypt_enterprise_customer_reporting_config_passwords.py b/tests/test_enterprise/management/test_reencrypt_enterprise_customer_reporting_config_passwords.py
new file mode 100644
index 0000000000..2df2fe1c3e
--- /dev/null
+++ b/tests/test_enterprise/management/test_reencrypt_enterprise_customer_reporting_config_passwords.py
@@ -0,0 +1,43 @@
+"""
+Tests for the djagno management command `reencrypt_enterprise_customer_reporting_config_passwords`.
+"""
+from testfixtures import LogCapture
+
+from django.core.management import call_command
+from django.test import TestCase
+
+from enterprise.models import EnterpriseCustomerReportingConfiguration
+from test_utils import factories
+
+LOGGER_NAME = 'enterprise.management.commands.reencrypt_enterprise_customer_reporting_config_passwords'
+
+
+class ReencryptPasswordsTest(TestCase):
+    """
+    Test command `reencrypt_enterprise_customer_reporting_config_passwords`.
+    """
+    def test_reencrypt_command(self):
+        # Create an instance of EnterpriseCustomerReportingConfiguration
+        enterprise_customer = factories.EnterpriseCustomerFactory(name="GriffCo")
+        original_config = EnterpriseCustomerReportingConfiguration.objects.create(
+            enterprise_customer=enterprise_customer,
+            active=True,
+            delivery_method=EnterpriseCustomerReportingConfiguration.DELIVERY_METHOD_EMAIL,
+            email='test@edx.org',
+            decrypted_password='test_password',
+            day_of_month=1,
+            hour_of_day=1,
+        )
+
+        # Assert that the password has been encrypted
+        self.assertNotEqual(original_config.encrypted_password, 'test_password')
+
+        with LogCapture(LOGGER_NAME) as log:
+            call_command('reencrypt_enterprise_customer_reporting_config_passwords')
+            self.assertEqual(
+                'Enterprise customer reporting configuration passwords reencrypted succesfully!',
+                log.records[0].message
+            )
+            updated_config = EnterpriseCustomerReportingConfiguration.objects.get(pk=original_config.pk)
+            # Assert that the password has been reencrypted
+            self.assertNotEqual(updated_config.encrypted_password, updated_config.encrypted_password)