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A few updates more complex than running gem update.
Update Ruby versions
Should keep the Ruby version running in the server up to date in order to be protected against possible threats. Ruby 2.3.3 is not the latest version. Test compatibility with Ruby 2.3.4 and patch properly if it fails. Start testing for Ruby 2.4.0. I tried this in the past and it fails with Ruby 5.0. Let's hope for a fix as well.
Update to Rails 5.1
5.0 will continue receiving security updates, but updating to Ruby 5.1 soon is a better idea.