diff --git a/.github/workflows/ci.yaml b/.github/workflows/ci.yaml
index 1e09966..7ef1781 100644
--- a/.github/workflows/ci.yaml
+++ b/.github/workflows/ci.yaml
@@ -97,7 +97,7 @@ jobs:
     strategy:
       matrix:
         k8s_version: ["v1.24.15", "v1.25.11", "v1.26.6", "v1.27.3"]
-        vault_version: ["1.11.12", "1.12.8", "1.13.4", "1.14.1"]
+        vault_version: ["1.11.12", "1.12.8", "1.13.4", "1.14.8"]
 
     steps:
       - name: Checkout repository
diff --git a/test/acceptance_test.go b/test/acceptance_test.go
index 152ffed..6b67adb 100644
--- a/test/acceptance_test.go
+++ b/test/acceptance_test.go
@@ -31,7 +31,7 @@ import (
 
 var (
 	vaultVersion      = "latest"
-	bankVaultsVersion = "1.20.0"
+	bankVaultsVersion = "v1.31.0"
 )
 
 // Installing the operator helm chart before testing
diff --git a/vault/Chart.yaml b/vault/Chart.yaml
index e6e05f1..35800e8 100644
--- a/vault/Chart.yaml
+++ b/vault/Chart.yaml
@@ -2,7 +2,7 @@ apiVersion: v2
 type: application
 name: vault
 version: 0.0.0
-appVersion: 1.14.1
+appVersion: 1.14.8
 description: A tool for secrets management, encryption as a service, and privileged access management
 icon: https://raw.githubusercontent.com/hashicorp/vault/f22d202cde2018f9455dec755118a9b84586e082/Vault_PrimaryLogo_Black.png
 keywords:
diff --git a/vault/README.md b/vault/README.md
index fd0a297..7cabedd 100644
--- a/vault/README.md
+++ b/vault/README.md
@@ -142,7 +142,7 @@ The following table lists the configurable parameters of the Helm chart.
 | `replicaCount` | int | `1` | Number of replicas |
 | `strategy.type` | string | `"RollingUpdate"` | Update strategy to use for Vault StatefulSet |
 | `image.repository` | string | `"hashicorp/vault"` | Container image repo that contains HashiCorp Vault |
-| `image.tag` | string | `"1.14.1"` | Container image tag |
+| `image.tag` | string | `"1.14.8"` | Container image tag |
 | `image.pullPolicy` | string | `"IfNotPresent"` | Container image pull policy |
 | `service.name` | string | `"vault"` | Vault service name |
 | `service.type` | string | `"ClusterIP"` | Vault service type |
@@ -174,7 +174,7 @@ The following table lists the configurable parameters of the Helm chart.
 | `vault.config` | object | `{}` | A YAML representation of the final Vault config file. Check: https://developer.hashicorp.com/vault/docs/configuration |
 | `vault.externalConfig` | object | `{}` | A YAML representation of dynamic config data used by Bank-Vaults. Bank-Vaults will use this data to continuously configure Vault. Check: https://bank-vaults.dev/docs/external-configuration/ |
 | `unsealer.image.repository` | string | `"ghcr.io/bank-vaults/bank-vaults"` | Container image repo that contains Bank-Vaults |
-| `unsealer.image.tag` | string | `"1.20.4"` | Container image tag |
+| `unsealer.image.tag` | string | `"v1.31.0"` | Container image tag |
 | `unsealer.image.pullPolicy` | string | `"IfNotPresent"` | Container image pull policy |
 | `statsd.image.repository` | string | `"prom/statsd-exporter"` | Container image repo that contains StatsD Prometheus exporter |
 | `statsd.image.tag` | string | `"latest"` | Container image tag |
diff --git a/vault/values.yaml b/vault/values.yaml
index 1994baf..5fba64a 100644
--- a/vault/values.yaml
+++ b/vault/values.yaml
@@ -17,7 +17,7 @@ image:
   # -- Container image repo that contains HashiCorp Vault
   repository: hashicorp/vault
   # -- Container image tag
-  tag: 1.14.1
+  tag: 1.14.8
   # -- Container image pull policy
   pullPolicy: IfNotPresent
 
@@ -263,7 +263,7 @@ unsealer:
     # -- Container image repo that contains Bank-Vaults
     repository: ghcr.io/bank-vaults/bank-vaults
     # -- Container image tag
-    tag: "1.20.4"
+    tag: "v1.31.0"
     # -- Container image pull policy
     pullPolicy: IfNotPresent