diff --git a/CHANGELOG.md b/CHANGELOG.md
index 81b20a87..531086fe 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,32 @@
 # Changelog
 
+## 0.37.1
+
+**Release date:** 2024-02-01
+
+This prerelease comes with an update to the Kubernetes dependencies to
+v1.28.6 and various other dependencies have been updated to their latest version
+to patch upstream CVEs.
+
+In addition, the controller is now built with Go 1.21.
+
+Improvements:
+- ci: Enable dependabot gomod updates
+  [#627](https://github.com/fluxcd/image-automation-controller/pull/627)
+- Update Go to 1.21
+  [#625](https://github.com/fluxcd/image-automation-controller/pull/625)
+- Various dependency updates
+  [#635](https://github.com/fluxcd/image-automation-controller/pull/635)
+  [#632](https://github.com/fluxcd/image-automation-controller/pull/632)
+  [#630](https://github.com/fluxcd/image-automation-controller/pull/630)
+  [#631](https://github.com/fluxcd/image-automation-controller/pull/631)
+  [#629](https://github.com/fluxcd/image-automation-controller/pull/629)
+  [#626](https://github.com/fluxcd/image-automation-controller/pull/626)
+  [#623](https://github.com/fluxcd/image-automation-controller/pull/623)
+  [#622](https://github.com/fluxcd/image-automation-controller/pull/622)
+  [#618](https://github.com/fluxcd/image-automation-controller/pull/618)
+  [#615](https://github.com/fluxcd/image-automation-controller/pull/615)
+
 ## 0.37.0
 
 **Release date:** 2023-12-11
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index a00f0632..9473cc07 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
 - name: fluxcd/image-automation-controller
   newName: fluxcd/image-automation-controller
-  newTag: v0.37.0
+  newTag: v0.37.1
diff --git a/go.mod b/go.mod
index 6eb59c08..abbdda49 100644
--- a/go.mod
+++ b/go.mod
@@ -15,7 +15,7 @@ require (
 	github.com/Masterminds/sprig/v3 v3.2.3
 	github.com/ProtonMail/go-crypto v1.1.0-alpha.0
 	github.com/cyphar/filepath-securejoin v0.2.4
-	github.com/fluxcd/image-automation-controller/api v0.37.0
+	github.com/fluxcd/image-automation-controller/api v0.37.1
 	github.com/fluxcd/image-reflector-controller/api v0.31.2
 	github.com/fluxcd/pkg/apis/acl v0.1.0
 	github.com/fluxcd/pkg/apis/event v0.7.0