diff --git a/bucket/velero.json b/bucket/velero.json
index b35da05304..269da3f741 100644
--- a/bucket/velero.json
+++ b/bucket/velero.json
@@ -1,13 +1,13 @@
 {
-    "version": "1.12.2",
+    "version": "1.12.3",
     "description": "Safely backup, restore and perform disaster recovery, migrate Kubernetes cluster resources and persistent volumes.",
     "homepage": "https://velero.io",
     "license": "Apache-2.0",
     "architecture": {
         "64bit": {
-            "url": "https://github.com/vmware-tanzu/velero/releases/download/v1.12.2/velero-v1.12.2-windows-amd64.tar.gz",
-            "hash": "091064146ff69905d9a792176c23df7be2367ee1d6dbb2d559ebd3d3c70c00eb",
-            "extract_dir": "velero-v1.12.2-windows-amd64"
+            "url": "https://github.com/vmware-tanzu/velero/releases/download/v1.12.3/velero-v1.12.3-windows-amd64.tar.gz",
+            "hash": "d5c726dee7e59615f0153583aa999bc02864434ecb8ae74829c645d0770ccc52",
+            "extract_dir": "velero-v1.12.3-windows-amd64"
         }
     },
     "bin": "velero.exe",