Updating the default MySQL root password

ManageEngine Firewall Analyzer 4
Build Version: 4.0.3
Build Number: 4030

Hello,

I attempted to update the default (null) root password via the following procedure:

1) Stopped the ManageEngine Firewall Analyzer 4.0 service
2a) From \AdventNet\ME\Firewall\mysql\bin, executed "mysql -u root --port 33336"
2b) "SET PASSWORD FOR 'root'@'localhost' = PASSWORD('mypassword');"
3) Edited \AdventNet\ME\Firewall\server\default\deploy\mysql-ds.xml to include the new password
4) Started the ManageEngine Firewall Analyzer 4.0 service

The web interface still works and I'm now prompted for a password when connecting as root to localhost. However, I can still connect *remotely* as root with a null password. What is the correct procedure for resetting the root password?