diff --git a/ballerina/Ballerina.toml b/ballerina/Ballerina.toml
index 610a37e3..ec66b9bb 100644
--- a/ballerina/Ballerina.toml
+++ b/ballerina/Ballerina.toml
@@ -22,41 +22,41 @@ scope = "testOnly"
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-handler"
-version = "4.1.86.Final"
-path = "./lib/netty-handler-4.1.86.Final.jar"
+version = "4.1.100.Final"
+path = "./lib/netty-handler-4.1.100.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-buffer"
-version = "4.1.86.Final"
-path = "./lib/netty-buffer-4.1.86.Final.jar"
+version = "4.1.100.Final"
+path = "./lib/netty-buffer-4.1.100.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-transport"
-version = "4.1.86.Final"
-path = "./lib/netty-transport-4.1.86.Final.jar"
+version = "4.1.100.Final"
+path = "./lib/netty-transport-4.1.100.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-common"
-version = "4.1.86.Final"
-path = "./lib/netty-common-4.1.86.Final.jar"
+version = "4.1.100.Final"
+path = "./lib/netty-common-4.1.100.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-resolver"
-version = "4.1.86.Final"
-path = "./lib/netty-resolver-4.1.86.Final.jar"
+version = "4.1.100.Final"
+path = "./lib/netty-resolver-4.1.100.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-codec"
-version = "4.1.86.Final"
-path = "./lib/netty-codec-4.1.86.Final.jar"
+version = "4.1.100.Final"
+path = "./lib/netty-codec-4.1.100.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-transport-native-unix-common"
-version = "4.1.86.Final"
-path = "./lib/netty-transport-native-unix-common-4.1.86.Final.jar"
+version = "4.1.100.Final"
+path = "./lib/netty-transport-native-unix-common-4.1.100.Final.jar"
diff --git a/ballerina/Dependencies.toml b/ballerina/Dependencies.toml
index 654c1989..978f006b 100644
--- a/ballerina/Dependencies.toml
+++ b/ballerina/Dependencies.toml
@@ -9,7 +9,7 @@ dependencies-toml-version = "2"
 [[package]]
 org = "ballerina"
 name = "crypto"
-version = "2.3.0"
+version = "2.3.2"
 dependencies = [
 	{org = "ballerina", name = "jballerina.java"},
 	{org = "ballerina", name = "time"}
@@ -90,7 +90,7 @@ modules = [
 [[package]]
 org = "ballerina"
 name = "time"
-version = "2.2.3"
+version = "2.2.5"
 dependencies = [
 	{org = "ballerina", name = "jballerina.java"}
 ]
diff --git a/changelog.md b/changelog.md
index f5276196..762eb059 100644
--- a/changelog.md
+++ b/changelog.md
@@ -5,6 +5,11 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 
 ## [Unreleased]
 
+### Fixed
+- [Address netty vulnerability: CVE-2023-4586](https://github.com/ballerina-platform/ballerina-standard-library/issues/4908)
+
+
+## [1.5.0] - 2022-11-29
 ### Changed
 - [API docs updated](https://github.com/ballerina-platform/ballerina-standard-library/issues/3463)
 
diff --git a/gradle.properties b/gradle.properties
index 19611729..f786309c 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -7,7 +7,7 @@ githubJohnrengelmanShadowVersion=5.2.0
 checkstyleToolVersion=7.8.2
 githubSpotbugsVersion=4.5.1
 testngVersion=7.4.0
-nettyVersion=4.1.86.Final
+nettyVersion=4.1.100.Final
 underCouchDownloadVersion=4.0.4
 researchgateReleaseVersion=2.8.0
 slf4jVersion=1.7.30