Task: To modify the access to files/folders on a SharePoint site.
Notes:
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Only the file owner can modify access to files/folders in a SharePoint site.
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The provided instructions on modifying access are only applicable to users that have already had files/folders shared with them.
Instructions:
Step 1 - Right-click on the desired file/folder to edit the access level for.
Step 2 - Select Share.
Step 3 - Click a profile picture at the bottom of the page.
Step 4 - Select Owner, Can View/Edit, or Can View from the drop down options to the right of the users.

Outcome: The individual permissions of each user is updated.
Further reading:
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