my $param = 'password';
for ( q~{'password' => 'secret'}~, q~{"password" => "sec\"ret"}~ ) {
    $_ =~ s/
        (                   # capture everything up to the start of the value
          (                   # capture the quotation mark we are using
            (?<!\\\\)         # not escaped
            [ ' " ]           # either kind of quote
          )                   # end capture quotation mark
          $param              # the key
          \2                  # the same quotation mark
          \s*                 # any amount of space
          (?: => | : )        # perl or JSON key-value "connector"
          \s*                 # any amount of space
          \2                  # the same quotation mark
        )                   # end capture everything up to start of the value
        (?:                 # group but do not capture the value
          (?!\2) .           # defined as any character except the same quote
        )*                  # any number of times
    /$1***/smxg;            # the closing quotation mark will remain in place

    say $_;
}