diff --git a/CHANGELOG.md b/CHANGELOG.md
index 99d43dec1..de2aa4007 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,33 @@
 
 All notable changes to this project are documented in this file.
 
+## 1.2.4
+
+**Release date:** 2024-02-01
+
+This patch release fixes various issues, updates the Kubernetes dependencies
+to v1.28.6 and various other dependencies to their latest version to patch
+upstream CVEs.
+
+Improvements:
+- Various dependency updates
+  [#727](https://github.com/fluxcd/notification-controller/pull/727)
+  [#726](https://github.com/fluxcd/notification-controller/pull/726)
+  [#721](https://github.com/fluxcd/notification-controller/pull/721)
+  [#718](https://github.com/fluxcd/notification-controller/pull/718)
+  [#707](https://github.com/fluxcd/notification-controller/pull/707)
+  [#695](https://github.com/fluxcd/notification-controller/pull/695)
+
+Fixes:
+- Fix BitBucket status update panic
+  [#722](https://github.com/fluxcd/notification-controller/pull/722)
+- fix typo in docs/spec/v1beta3/providers.md
+  [#699](https://github.com/fluxcd/notification-controller/pull/699)
+- fix(grafana-provider): replace ":" character in eventMetadata
+  [#703](https://github.com/fluxcd/notification-controller/pull/703)
+- Remove old/incorrect API version usage
+  [#693](https://github.com/fluxcd/notification-controller/pull/693)
+
 ## 1.2.3
 
 **Release date:** 2023-12-14
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index b2dd4ba90..4e67123b2 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -6,4 +6,4 @@ resources:
 images:
   - name: fluxcd/notification-controller
     newName: fluxcd/notification-controller
-    newTag: v1.2.3
+    newTag: v1.2.4
diff --git a/go.mod b/go.mod
index 5b431a16f..6cdac3086 100644
--- a/go.mod
+++ b/go.mod
@@ -15,7 +15,7 @@ require (
 	github.com/chainguard-dev/git-urls v1.0.2
 	github.com/containrrr/shoutrrr v0.8.0
 	github.com/fluxcd/cli-utils v0.36.0-flux.3
-	github.com/fluxcd/notification-controller/api v1.2.3
+	github.com/fluxcd/notification-controller/api v1.2.4
 	github.com/fluxcd/pkg/apis/event v0.7.0
 	github.com/fluxcd/pkg/apis/meta v1.3.0
 	github.com/fluxcd/pkg/git v0.17.0