One way you can handle this is to subscribe to the grid.Model.ClipboardCanCopy event, and do not allow the copy if the selections intersect your password column.
this.gridDataBoundGrid1.Model.ClipboardCanCopy += new GridCutPasteEventHandler(Model_ClipboardCanCopy);
private void Model_ClipboardCanCopy(object sender, GridCutPasteEventArgs e)
{
int colIndex = this.gridDataBoundGrid1.Binder.NameToColIndex("passwordCOL");
if(this.gridDataBoundGrid1.Selections.Ranges.AnyRangeIntersects(GridRangeInfo.Col(colIndex)))
{
e.Handled = true;
e.Result = false;
}
}