the secure way is encrypt your sensitive data by AES and the encryption key is derivation by password-based key derivation function (PBE), the master password used to encrypt/decrypt the encrypt key for AES.
master password -> secure key-> encrypt data by the key
You can use pbkdf2
from PBKDF2 import PBKDF2
from Crypto.Cipher import AES
import os
salt = os.urandom(8) # 64-bit salt
key = PBKDF2("This passphrase is a secret.", salt).read(32) # 256-bit key
iv = os.urandom(16) # 128-bit IV
cipher = AES.new(key, AES.MODE_CBC, iv)
make sure to store the salt/iv/passphrase , and decrypt using same salt/iv/passphase
Weblogic used similar approach to protect passwords in config files