diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1f09e04e0..04b5ef8f8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,21 @@
 
 All notable changes to this project are documented in this file.
 
+## 1.2.1
+
+**Release date:** 2023-12-08
+
+This patch release ensures the controller is built with the latest Go `1.21.x`
+release, to mitigate multiple security vulnerabilities which were published
+shortly after the release of v1.2.0.
+
+In addition, a small number of dependencies have been updated to their latest
+version.
+
+Improvements:
+- Update dependencies
+  [#1309](https://github.com/fluxcd/source-controller/pull/1309)
+
 ## 1.2.0
 
 **Release date:** 2023-12-05
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index f8c76696c..51f716b88 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -6,4 +6,4 @@ resources:
 images:
 - name: fluxcd/source-controller
   newName: fluxcd/source-controller
-  newTag: v1.2.0
+  newTag: v1.2.1
diff --git a/go.mod b/go.mod
index 5f8290d35..c8dfb5f28 100644
--- a/go.mod
+++ b/go.mod
@@ -37,7 +37,7 @@ require (
 	github.com/fluxcd/pkg/tar v0.4.0
 	github.com/fluxcd/pkg/testserver v0.5.0
 	github.com/fluxcd/pkg/version v0.2.2
-	github.com/fluxcd/source-controller/api v1.2.0
+	github.com/fluxcd/source-controller/api v1.2.1
 	github.com/foxcpp/go-mockdns v1.0.0
 	github.com/go-git/go-billy/v5 v5.5.0
 	github.com/go-git/go-git/v5 v5.10.1