diff --git a/CHANGELOG.md b/CHANGELOG.md
index bc6da3105bc..33cb79c3a19 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -20,6 +20,7 @@
 ### Under the hood
 - Bump hologram version to 0.0.11. Add scripts/dtr.py ([#2888](https://github.com/fishtown-analytics/dbt/issues/2840),[#2889](https://github.com/fishtown-analytics/dbt/pull/2889))
 - Add event tracking for project parser/load times ([#2823](https://github.com/fishtown-analytics/dbt/issues/2823),[#2893](https://github.com/fishtown-analytics/dbt/pull/2893))
+- Bump cryptography version to be >= 3.2 and bump snowflake connector to 2.3.6 ([#2896](https://github.com/fishtown-analytics/dbt/issues/2896))  
 
 Contributors:
 - [@feluelle](https://github.com/feluelle) ([#2841](https://github.com/fishtown-analytics/dbt/pull/2841))
@@ -30,6 +31,7 @@ Contributors:
 - [@franloza](https://github.com/franloza) ([#2837](https://github.com/fishtown-analytics/dbt/pull/2837))
 - [@max-sixty](https://github.com/max-sixty) ([#2877](https://github.com/fishtown-analytics/dbt/pull/2877))
 - [@rsella](https://github.com/rsella) ([#2892](https://github.com/fishtown-analytics/dbt/issues/2892))
+- [@plotneishestvo](https://github.com/plotneishestvo) ([#2896](https://github.com/fishtown-analytics/dbt/issues/2896))
 - [@db-magnus](https://github.com/db-magnus) ([#2892](https://github.com/fishtown-analytics/dbt/issues/2892))
 
 ## dbt 0.19.0b1 (October 21, 2020)
diff --git a/plugins/snowflake/setup.py b/plugins/snowflake/setup.py
index 9040dfec4d9..26c74aaa7e7 100644
--- a/plugins/snowflake/setup.py
+++ b/plugins/snowflake/setup.py
@@ -47,12 +47,12 @@
     },
     install_requires=[
         'dbt-core=={}'.format(package_version),
-        'snowflake-connector-python[secure-local-storage]==2.2.10',
+        'snowflake-connector-python[secure-local-storage]==2.3.6',
         'azure-common<2.0.0',
         'azure-storage-blob>=12.0.0,<13.0.0',
         'urllib3>=1.20,<1.26.0',
         # this seems sufficiently broad
-        'cryptography>=2,<3',
+        'cryptography>=3.2,<4',
     ],
     zip_safe=False,
     classifiers=[