diff --git a/CHANGELOG.md b/CHANGELOG.md
index fe7f818..0e02cd7 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,9 +1,13 @@
 # GraphDB Azure Terraform Module Changelog
 
+## 1.3.1
+
+* Update default GraphDB version to [10.7.3](https://graphdb.ontotext.com/documentation/10.7/release-notes.html#graphdb-10-7-3)
+
 ## 1.3.0
 
 * Improved the single node setup time by removing use and checks for Private DNS zone address.
-* Updated default GraphDB version to 10.7.2
+* Update default GraphDB version to [10.7.2](https://graphdb.ontotext.com/documentation/10.7/release-notes.html#graphdb-10-7-2)
 
 ## 1.2.1
 
diff --git a/README.md b/README.md
index 751403a..23a7c08 100644
--- a/README.md
+++ b/README.md
@@ -150,7 +150,7 @@ az vm image terms accept --offer graphdb-ee --plan graphdb-byol --publisher onto
 | app\_config\_enable\_purge\_protection | Prevents purging the App Configuration and its keys by soft deleting it. It will be deleted once the soft delete retention has passed. | `bool` | `true` | no |
 | app\_config\_soft\_delete\_retention\_days | Retention period in days during which soft deleted keys are kept | `number` | `7` | no |
 | admin\_security\_principle\_id | UUID of a user or service principle that will become data owner or administrator for specific resources that need permissions to insert data during Terraform apply, i.e. KeyVault and AppConfig. If left unspecified, the current user will be used. | `string` | `null` | no |
-| graphdb\_version | GraphDB version from the marketplace offer | `string` | `"10.7.2"` | no |
+| graphdb\_version | GraphDB version from the marketplace offer | `string` | `"10.7.3"` | no |
 | graphdb\_sku | GraphDB SKU from the marketplace offer | `string` | `"graphdb-byol"` | no |
 | graphdb\_image\_id | GraphDB image ID to use for the scale set VM instances in place of the default marketplace offer | `string` | `null` | no |
 | graphdb\_license\_path | Local path to a file, containing a GraphDB Enterprise license. | `string` | n/a | yes |
diff --git a/variables.tf b/variables.tf
index 435318a..c3a498f 100644
--- a/variables.tf
+++ b/variables.tf
@@ -246,7 +246,7 @@ variable "admin_security_principle_id" {
 variable "graphdb_version" {
   description = "GraphDB version from the marketplace offer"
   type        = string
-  default     = "10.7.2"
+  default     = "10.7.3"
 }
 
 variable "graphdb_sku" {