diff --git a/ballerina-tests/http-security-tests/tests/http2_mutual_ssl_test.bal b/ballerina-tests/http-security-tests/tests/http2_mutual_ssl_test.bal
index 3fd1fd647c..7511b0f5e7 100644
--- a/ballerina-tests/http-security-tests/tests/http2_mutual_ssl_test.bal
+++ b/ballerina-tests/http-security-tests/tests/http2_mutual_ssl_test.bal
@@ -159,7 +159,8 @@ public function testHttp2MutualSsl4() returns error? {
     // Without keys - negative test
     http:Client httpClient = check new ("https://localhost:9204", http2MutualSslClientConf4);
     http:Response|error resp = httpClient->get("/http2Service/");
-    string expectedErrMsg = "SSL connection failed:javax.net.ssl.SSLHandshakeException: error:10000410:SSL routines:OPENSSL_internal:SSLV3_ALERT_HANDSHAKE_FAILURE localhost/127.0.0.1:9204";
+    string expectedErrMsg = "SSL connection failed:io.netty.handler.ssl.ReferenceCountedOpenSslEngine$OpenSslHandshakeException"
+            + ": error:10000410:SSL routines:OPENSSL_internal:SSLV3_ALERT_HANDSHAKE_FAILURE localhost/127.0.0.1:9204";
     if resp is error {
         test:assertEquals(resp.message(), expectedErrMsg);
     } else {
diff --git a/ballerina/Ballerina.toml b/ballerina/Ballerina.toml
index 8880df834d..fdd6239316 100644
--- a/ballerina/Ballerina.toml
+++ b/ballerina/Ballerina.toml
@@ -34,56 +34,56 @@ path = "./lib/constraint-native-1.3.0-20230620-195700-ca941bc.jar"
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-common"
-version = "4.1.86.Final"
-path = "./lib/netty-common-4.1.86.Final.jar"
+version = "4.1.94.Final"
+path = "./lib/netty-common-4.1.94.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-buffer"
-version = "4.1.86.Final"
-path = "./lib/netty-buffer-4.1.86.Final.jar"
+version = "4.1.94.Final"
+path = "./lib/netty-buffer-4.1.94.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-transport"
-version = "4.1.86.Final"
-path = "./lib/netty-transport-4.1.86.Final.jar"
+version = "4.1.94.Final"
+path = "./lib/netty-transport-4.1.94.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-resolver"
-version = "4.1.86.Final"
-path = "./lib/netty-resolver-4.1.86.Final.jar"
+version = "4.1.94.Final"
+path = "./lib/netty-resolver-4.1.94.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-handler"
-version = "4.1.86.Final"
-path = "./lib/netty-handler-4.1.86.Final.jar"
+version = "4.1.94.Final"
+path = "./lib/netty-handler-4.1.94.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-codec-http"
-version = "4.1.86.Final"
-path = "./lib/netty-codec-http-4.1.86.Final.jar"
+version = "4.1.94.Final"
+path = "./lib/netty-codec-http-4.1.94.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-codec"
-version = "4.1.86.Final"
-path = "./lib/netty-codec-4.1.86.Final.jar"
+version = "4.1.94.Final"
+path = "./lib/netty-codec-4.1.94.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-handler-proxy"
-version = "4.1.86.Final"
-path = "./lib/netty-handler-proxy-4.1.86.Final.jar"
+version = "4.1.94.Final"
+path = "./lib/netty-handler-proxy-4.1.94.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-codec-http2"
-version = "4.1.86.Final"
-path = "./lib/netty-codec-http2-4.1.86.Final.jar"
+version = "4.1.94.Final"
+path = "./lib/netty-codec-http2-4.1.94.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "commons-pool.wso2"
@@ -94,8 +94,8 @@ path = "./lib/commons-pool-1.5.6.wso2v1.jar"
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-transport-native-unix-common"
-version = "4.1.86.Final"
-path = "./lib/netty-transport-native-unix-common-4.1.86.Final.jar"
+version = "4.1.94.Final"
+path = "./lib/netty-transport-native-unix-common-4.1.94.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "org.bouncycastle"
@@ -112,29 +112,29 @@ path = "./lib/bcpkix-jdk15on-1.69.jar"
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-tcnative-boringssl-static"
-version = "2.0.54.Final"
-path = "./lib/netty-tcnative-boringssl-static-2.0.54.Final.jar"
+version = "2.0.61.Final"
+path = "./lib/netty-tcnative-boringssl-static-2.0.61.Final.jar"
 
 [[platform.java11.dependency]]
-path = "./lib/netty-tcnative-boringssl-static-2.0.54.Final-windows-x86_64.jar"
+path = "./lib/netty-tcnative-boringssl-static-2.0.61.Final-windows-x86_64.jar"
 
 [[platform.java11.dependency]]
-path = "./lib/netty-tcnative-boringssl-static-2.0.54.Final-linux-aarch_64.jar"
+path = "./lib/netty-tcnative-boringssl-static-2.0.61.Final-linux-aarch_64.jar"
 
 [[platform.java11.dependency]]
-path = "./lib/netty-tcnative-boringssl-static-2.0.54.Final-linux-x86_64.jar"
+path = "./lib/netty-tcnative-boringssl-static-2.0.61.Final-linux-x86_64.jar"
 
 [[platform.java11.dependency]]
-path = "./lib/netty-tcnative-boringssl-static-2.0.54.Final-osx-aarch_64.jar"
+path = "./lib/netty-tcnative-boringssl-static-2.0.61.Final-osx-aarch_64.jar"
 
 [[platform.java11.dependency]]
-path = "./lib/netty-tcnative-boringssl-static-2.0.54.Final-osx-x86_64.jar"
+path = "./lib/netty-tcnative-boringssl-static-2.0.61.Final-osx-x86_64.jar"
 
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-tcnative-classes"
-version = "2.0.54.Final"
-path = "./lib/netty-tcnative-classes-2.0.54.Final.jar"
+version = "2.0.61.Final"
+path = "./lib/netty-tcnative-classes-2.0.61.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "org.jvnet.mimepull"
@@ -145,8 +145,8 @@ path = "./lib/mimepull-1.9.11.jar"
 [[platform.java11.dependency]]
 groupId = "io.netty"
 artifactId = "netty-codec-socks"
-version = "4.1.86.Final"
-path = "./lib/netty-codec-socks-4.1.86.Final.jar"
+version = "4.1.94.Final"
+path = "./lib/netty-codec-socks-4.1.94.Final.jar"
 
 [[platform.java11.dependency]]
 groupId = "org.jboss.marshalling"
diff --git a/changelog.md b/changelog.md
index 8526eae905..2ddea89f3e 100644
--- a/changelog.md
+++ b/changelog.md
@@ -14,6 +14,7 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 ### Fixed
 
 - [Fix parsing query parameters fail when curly braces are provided](https://github.com/ballerina-platform/ballerina-standard-library/issues/4565)
+- [Address CVE-2023-34462 netty Vulnerability](https://github.com/ballerina-platform/ballerina-standard-library/issues/4599)
 
 ### Changed
 
diff --git a/gradle.properties b/gradle.properties
index 5f228c7414..d69ac38851 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -4,8 +4,8 @@ version=2.9.0-SNAPSHOT
 ballerinaLangVersion=2201.7.0-20230619-175900-bb4e4544
 ballerinaTomlParserVersion=1.2.2
 commonsLang3Version=3.8.1
-nettyVersion=4.1.86.Final
-nettyTcnativeVersion=2.0.54.Final
+nettyVersion=4.1.94.Final
+nettyTcnativeVersion=2.0.61.Final
 bouncycastleVersion=1.69
 slf4jVersion=1.7.30
 jakartaXmlBindVersion=2.3.3