diff --git a/README.md b/README.md
index 1734313..ed93bef 100644
--- a/README.md
+++ b/README.md
@@ -93,7 +93,7 @@ statement instead the previous block.
 
 | Name | Source | Version |
 |------|--------|---------|
-| <a name="module_cbr_rule"></a> [cbr\_rule](#module\_cbr\_rule) | terraform-ibm-modules/cbr/ibm//modules/cbr-rule-module | 1.30.0 |
+| <a name="module_cbr_rule"></a> [cbr\_rule](#module\_cbr\_rule) | terraform-ibm-modules/cbr/ibm//modules/cbr-rule-module | 1.31.0 |
 
 ### Resources
 
diff --git a/examples/advanced/main.tf b/examples/advanced/main.tf
index f2f903e..586ce32 100644
--- a/examples/advanced/main.tf
+++ b/examples/advanced/main.tf
@@ -16,7 +16,7 @@ module "resource_group" {
 
 module "cloud_monitoring" {
   source            = "terraform-ibm-modules/observability-instances/ibm//modules/cloud_monitoring"
-  version           = "3.5.0"
+  version           = "3.5.1"
   resource_group_id = module.resource_group.resource_group_id
   region            = var.region
   instance_name     = "${var.prefix}-cm"
@@ -43,7 +43,7 @@ resource "ibm_is_vpc" "example_vpc" {
 ##############################################################################
 module "cbr_zone" {
   source           = "terraform-ibm-modules/cbr/ibm//modules/cbr-zone-module"
-  version          = "1.30.0"
+  version          = "1.31.0"
   name             = "${var.prefix}-VPC-network-zone"
   zone_description = "CBR Network zone representing VPC"
   account_id       = data.ibm_iam_account_settings.iam_account_settings.account_id
diff --git a/main.tf b/main.tf
index 2f2bd74..76cf501 100644
--- a/main.tf
+++ b/main.tf
@@ -48,7 +48,7 @@ resource "ibm_resource_tag" "scc_wp_access_tag" {
 module "cbr_rule" {
   count            = length(var.cbr_rules) > 0 ? length(var.cbr_rules) : 0
   source           = "terraform-ibm-modules/cbr/ibm//modules/cbr-rule-module"
-  version          = "1.30.0"
+  version          = "1.31.0"
   rule_description = var.cbr_rules[count.index].description
   enforcement_mode = var.cbr_rules[count.index].enforcement_mode
   rule_contexts    = var.cbr_rules[count.index].rule_contexts