diff --git a/package-lock.json b/package-lock.json
index 795e73d..04e60d5 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -9,7 +9,7 @@
       "version": "3.9.2",
       "license": "Apache-2.0",
       "dependencies": {
-        "@accordproject/concerto-util": "3.16.1",
+        "@accordproject/concerto-util": "3.16.9",
         "@types/node": "20.7.0"
       },
       "devDependencies": {
@@ -33,12 +33,12 @@
       }
     },
     "node_modules/@accordproject/concerto-util": {
-      "version": "3.16.1",
-      "resolved": "https://registry.npmjs.org/@accordproject/concerto-util/-/concerto-util-3.16.1.tgz",
-      "integrity": "sha512-O/KVcepU2z4GHjS73uWT2BE1ED9OZK1H5iD37gHqzJ6Lq55t5vekyMtqTdoadihgPeKYuamOUYBFes1rdUS3vQ==",
+      "version": "3.16.9",
+      "resolved": "https://registry.npmjs.org/@accordproject/concerto-util/-/concerto-util-3.16.9.tgz",
+      "integrity": "sha512-Q62s7a0zMCZMbOIybe20mnauB5+oqkwEeKlsrvg2QrkK0q3o7XvWkr3Zot2AncSwkQC3U6+rfuGiBvdyJNJ7Hw==",
       "dependencies": {
         "@supercharge/promise-pool": "1.7.0",
-        "axios": "1.6.0",
+        "axios": "1.6.8",
         "colors": "1.4.0",
         "debug": "4.3.4",
         "json-colorizer": "2.2.2",
@@ -999,11 +999,11 @@
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     },
     "node_modules/axios": {
-      "version": "1.6.0",
-      "resolved": "https://registry.npmjs.org/axios/-/axios-1.6.0.tgz",
-      "integrity": "sha512-EZ1DYihju9pwVB+jg67ogm+Tmqc6JmhamRN6I4Zt8DfZu5lbcQGw3ozH9lFejSJgs/ibaef3A9PMXPLeefFGJg==",
+      "version": "1.6.8",
+      "resolved": "https://registry.npmjs.org/axios/-/axios-1.6.8.tgz",
+      "integrity": "sha512-v/ZHtJDU39mDpyBoFVkETcd/uNdxrWRrg3bKpOKzXFA6Bvqopts6ALSMU3y6ijYxbw2B+wPrIv46egTzJXCLGQ==",
       "dependencies": {
-        "follow-redirects": "^1.15.0",
+        "follow-redirects": "^1.15.6",
         "form-data": "^4.0.0",
         "proxy-from-env": "^1.1.0"
       }
@@ -4128,12 +4128,12 @@
   },
   "dependencies": {
     "@accordproject/concerto-util": {
-      "version": "3.16.1",
-      "resolved": "https://registry.npmjs.org/@accordproject/concerto-util/-/concerto-util-3.16.1.tgz",
-      "integrity": "sha512-O/KVcepU2z4GHjS73uWT2BE1ED9OZK1H5iD37gHqzJ6Lq55t5vekyMtqTdoadihgPeKYuamOUYBFes1rdUS3vQ==",
+      "version": "3.16.9",
+      "resolved": "https://registry.npmjs.org/@accordproject/concerto-util/-/concerto-util-3.16.9.tgz",
+      "integrity": "sha512-Q62s7a0zMCZMbOIybe20mnauB5+oqkwEeKlsrvg2QrkK0q3o7XvWkr3Zot2AncSwkQC3U6+rfuGiBvdyJNJ7Hw==",
       "requires": {
         "@supercharge/promise-pool": "1.7.0",
-        "axios": "1.6.0",
+        "axios": "1.6.8",
         "colors": "1.4.0",
         "debug": "4.3.4",
         "json-colorizer": "2.2.2",
@@ -4884,11 +4884,11 @@
       "integrity": "sha512-Oei9OH4tRh0YqU3GxhX79dM/mwVgvbZJaSNaRk+bshkj0S5cfHcgYakreBjrHwatXKbz+IoIdYLxrKim2MjW0Q=="
     },
     "axios": {
-      "version": "1.6.0",
-      "resolved": "https://registry.npmjs.org/axios/-/axios-1.6.0.tgz",
-      "integrity": "sha512-EZ1DYihju9pwVB+jg67ogm+Tmqc6JmhamRN6I4Zt8DfZu5lbcQGw3ozH9lFejSJgs/ibaef3A9PMXPLeefFGJg==",
+      "version": "1.6.8",
+      "resolved": "https://registry.npmjs.org/axios/-/axios-1.6.8.tgz",
+      "integrity": "sha512-v/ZHtJDU39mDpyBoFVkETcd/uNdxrWRrg3bKpOKzXFA6Bvqopts6ALSMU3y6ijYxbw2B+wPrIv46egTzJXCLGQ==",
       "requires": {
-        "follow-redirects": "^1.15.0",
+        "follow-redirects": "^1.15.6",
         "form-data": "^4.0.0",
         "proxy-from-env": "^1.1.0"
       }
diff --git a/package.json b/package.json
index b0385bc..c91503a 100644
--- a/package.json
+++ b/package.json
@@ -53,7 +53,7 @@
     "typescript": "4.6.3"
   },
   "dependencies": {
-    "@accordproject/concerto-util": "3.16.1",
+    "@accordproject/concerto-util": "3.16.9",
     "@types/node": "20.7.0"
   },
   "browserslist": "> 0.25%, not dead",