diff --git a/0.X/Dockerfile b/0.X/Dockerfile
index d25ea28..c9cea20 100644
--- a/0.X/Dockerfile
+++ b/0.X/Dockerfile
@@ -1,7 +1,7 @@
 FROM alpine:3.14
 
 # This is the release of Vault to pull in.
-ARG VAULT_VERSION=1.11.7
+ARG VAULT_VERSION=1.12.3
 
 # Create a vault user and group first so the IDs get set the same way,
 # even as the rest of this may change over time.
diff --git a/0.X/Makefile b/0.X/Makefile
index 558d843..c934442 100644
--- a/0.X/Makefile
+++ b/0.X/Makefile
@@ -1,5 +1,5 @@
 export REGISTRY_NAME?=docker.io/hashicorp
-export VERSION=1.11.7
+export VERSION=1.12.3
 
 .PHONY: build ent-image oss-image xc-prod-image
 
diff --git a/ubi/Dockerfile b/ubi/Dockerfile
index 056f678..2bc0cb0 100644
--- a/ubi/Dockerfile
+++ b/ubi/Dockerfile
@@ -1,7 +1,7 @@
 FROM registry.access.redhat.com/ubi8/ubi-minimal:8.6
 
 LABEL maintainer="HashiCorp"
-ARG VAULT_VERSION=1.11.7
+ARG VAULT_VERSION=1.12.3
 
 # Additional metadata labels used by container registries, platforms
 # and certification scanners.
diff --git a/ubi/Makefile b/ubi/Makefile
index 9825360..985e92e 100644
--- a/ubi/Makefile
+++ b/ubi/Makefile
@@ -1,5 +1,5 @@
 export REGISTRY_NAME?=docker.io/hashicorp
-export VERSION=1.11.7
+export VERSION=1.12.3
 
 .PHONY: build ent-image oss-image