diff --git a/CHANGELOG.md b/CHANGELOG.md
index bbc3da434..2a2bb0b08 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,25 @@
 
 All notable changes to this project are documented in this file.
 
+## 1.2.4
+
+**Release date:** 2024-02-01
+
+This patch release updates the Kubernetes dependencies to v1.28.6 and various
+other dependencies to their latest version to patch upstream CVEs.
+
+Improvements:
+- Various dependency updates
+  [#1362](https://github.com/fluxcd/source-controller/pull/1362)
+  [#1357](https://github.com/fluxcd/source-controller/pull/1357)
+  [#1353](https://github.com/fluxcd/source-controller/pull/1353)
+  [#1347](https://github.com/fluxcd/source-controller/pull/1347)
+  [#1343](https://github.com/fluxcd/source-controller/pull/1343)
+  [#1340](https://github.com/fluxcd/source-controller/pull/1340)
+  [#1338](https://github.com/fluxcd/source-controller/pull/1338)
+  [#1336](https://github.com/fluxcd/source-controller/pull/1336)
+  [#1334](https://github.com/fluxcd/source-controller/pull/1334)
+
 ## 1.2.3
 
 **Release date:** 2023-12-14
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 294822fa6..845e19758 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -6,4 +6,4 @@ resources:
 images:
 - name: fluxcd/source-controller
   newName: fluxcd/source-controller
-  newTag: v1.2.3
+  newTag: v1.2.4
diff --git a/go.mod b/go.mod
index e5c3c753e..70207262e 100644
--- a/go.mod
+++ b/go.mod
@@ -35,7 +35,7 @@ require (
 	github.com/fluxcd/pkg/tar v0.4.0
 	github.com/fluxcd/pkg/testserver v0.5.0
 	github.com/fluxcd/pkg/version v0.2.2
-	github.com/fluxcd/source-controller/api v1.2.3
+	github.com/fluxcd/source-controller/api v1.2.4
 	github.com/foxcpp/go-mockdns v1.0.0
 	github.com/go-git/go-billy/v5 v5.5.0
 	github.com/go-git/go-git/v5 v5.11.0