diff --git a/CHANGELOG-1.x.md b/CHANGELOG-1.x.md
index 5139547d7..e320ab61f 100644
--- a/CHANGELOG-1.x.md
+++ b/CHANGELOG-1.x.md
@@ -1,3 +1,6 @@
+# V1.7.4
+* Bump the side-cars to the latest to mitigate the CVEs. ([#1246](https://github.com/kubernetes-sigs/aws-efs-csi-driver/pull/1246), [@mskanth972](https://github.com/mskanth972))
+* Update efs-csi-driver to use efs-utils latest release v1.35.1 which include adding 'fsap' to the ignored mount option list, compatibility with OpenSSL 3.0 in the RPM spec file, a new watchdog log message for outdated efs-utils versions, and regeneration of empty private key files.
 # V1.7.3
 * Edit file paths in provisioning.go to fix failing e2e test. ([#1223](https://github.com/kubernetes-sigs/aws-efs-csi-driver/pull/1223) [@seanzatzdev-amazon](https://github.com/seanzatzdev-amazon))
 * CVE-2023-48795: bump golang.org/x/crypto to v0.17.0. ([#1222](https://github.com/kubernetes-sigs/aws-efs-csi-driver/pull/1222), [@dobsonj](https://github.com/dobsonj))
diff --git a/Makefile b/Makefile
index 6b6079102..60e3534cc 100644
--- a/Makefile
+++ b/Makefile
@@ -13,7 +13,7 @@
 # limitations under the License.
 #
 
-VERSION=v1.7.3
+VERSION=v1.7.4
 
 PKG=github.com/kubernetes-sigs/aws-efs-csi-driver
 GIT_COMMIT?=$(shell git rev-parse HEAD)
diff --git a/docs/README.md b/docs/README.md
index e4ace08e4..0553c387d 100644
--- a/docs/README.md
+++ b/docs/README.md
@@ -90,6 +90,7 @@ The following sections are Kubernetes specific. If you are a Kubernetes user, us
 | EFS CSI Driver Version | Image                            |
 |------------------------|----------------------------------|
 | master branch          | amazon/aws-efs-csi-driver:master |
+| v1.7.4                 | amazon/aws-efs-csi-driver:v1.7.4 |
 | v1.7.3                 | amazon/aws-efs-csi-driver:v1.7.3 |
 | v1.7.2                 | amazon/aws-efs-csi-driver:v1.7.2 |
 | v1.7.1                 | amazon/aws-efs-csi-driver:v1.7.1 |
@@ -136,7 +137,7 @@ The following sections are Kubernetes specific. If you are a Kubernetes user, us
 ### ECR Image
 | Driver Version | [ECR](https://gallery.ecr.aws/efs-csi-driver/amazon/aws-efs-csi-driver) Image |
 |----------------|-------------------------------------------------------------------------------|
-| v1.7.3         | public.ecr.aws/efs-csi-driver/amazon/aws-efs-csi-driver:v1.7.3                |
+| v1.7.4         | public.ecr.aws/efs-csi-driver/amazon/aws-efs-csi-driver:v1.7.4                |
 
 #### Note : You can find previous efs-csi-driver versions' images from [here](https://gallery.ecr.aws/efs-csi-driver/amazon/aws-efs-csi-driver)
 
@@ -357,7 +358,7 @@ If you want to update to a specific version, first customize the driver yaml fil
 kubectl kustomize "github.com/kubernetes-sigs/aws-efs-csi-driver/deploy/kubernetes/overlays/stable/?ref=release-1.7" > driver.yaml
 ```
 
-Then, update all lines referencing `image: amazon/aws-efs-csi-driver` to the desired version (e.g., to `image: amazon/aws-efs-csi-driver:v1.7.3`) in the yaml file, and deploy driver yaml again:
+Then, update all lines referencing `image: amazon/aws-efs-csi-driver` to the desired version (e.g., to `image: amazon/aws-efs-csi-driver:v1.7.4`) in the yaml file, and deploy driver yaml again:
 ```sh
 kubectl apply -f driver.yaml
 ```