diff --git a/charts/kubewarden-defaults/Chart.yaml b/charts/kubewarden-defaults/Chart.yaml
index 41d0e806..fe6409fe 100644
--- a/charts/kubewarden-defaults/Chart.yaml
+++ b/charts/kubewarden-defaults/Chart.yaml
@@ -22,7 +22,7 @@ keywords:
 # This is the chart version. This version number should be incremented each time you make changes
 # to the chart and its templates, including the app version.
 # Versions are expected to follow Semantic Versioning (https://semver.org/)
-version: 2.3.0
+version: 2.3.1
 # This is the version of Kubewarden stack
 appVersion: v1.16.0
 annotations:
@@ -35,7 +35,7 @@ annotations:
   catalog.cattle.io/os: linux # this means linux only, other choice here is "windows". For charts that support both, don't add this annotation
   # optional ones:
   catalog.cattle.io/hidden: "true" # Hide specific charts. Only use on CRD charts.
-  catalog.cattle.io/upstream-version: 2.3.0
+  catalog.cattle.io/upstream-version: 2.3.1
   catalog.cattle.io/auto-install: kubewarden-crds=1.8.0
   # Valid values for the following annotation include: `cluster-tool`, `app` or `cluster-template`
   # See the Cluster Tools section to learn more about when to set this value to `cluster-tool`.
diff --git a/charts/kubewarden-defaults/values.yaml b/charts/kubewarden-defaults/values.yaml
index dc7e7926..bdad8410 100644
--- a/charts/kubewarden-defaults/values.yaml
+++ b/charts/kubewarden-defaults/values.yaml
@@ -115,7 +115,7 @@ policyServer:
   image:
     # The registry is defined in the global.cattle.systemDefaultRegistry value
     repository: "kubewarden/policy-server"
-    tag: v1.16.0
+    tag: v1.16.1
   serviceAccountName: policy-server
   # verificationConfig: your_configmap
   # Configmap containing a Sigstore verification configuration under a key