diff --git a/.requirements b/.requirements
index 48472d5efef4..d77a3eb3f125 100644
--- a/.requirements
+++ b/.requirements
@@ -4,8 +4,8 @@ OPENRESTY=1.25.3.2
 OPENRESTY_SHA256=2d564022b06e33b45f7e5cfaf1e5dc571d38d61803af9fa2754dfff353c28d9c
 LUAROCKS=3.11.1
 LUAROCKS_SHA256=c3fb3d960dffb2b2fe9de7e3cb004dc4d0b34bb3d342578af84f84325c669102
-OPENSSL=3.2.1
-OPENSSL_SHA256=83c7329fe52c850677d75e5d0b0ca245309b97e8ecbcfdc1dfdc4ab9fac35b39
+OPENSSL=3.2.3
+OPENSSL_SHA256=52b5f1c6b8022bc5868c308c54fb77705e702d6c6f4594f99a0df216acf46239
 PCRE=10.44
 PCRE_SHA256=86b9cb0aa3bcb7994faa88018292bc704cdbb708e785f7c74352ff6ea7d3175b
 ADA=2.9.2
diff --git a/build/openresty/openssl/openssl_repositories.bzl b/build/openresty/openssl/openssl_repositories.bzl
index bfd818116342..a2b70d7a2c18 100644
--- a/build/openresty/openssl/openssl_repositories.bzl
+++ b/build/openresty/openssl/openssl_repositories.bzl
@@ -6,12 +6,6 @@ load("@kong_bindings//:variables.bzl", "KONG_VAR")
 
 def openssl_repositories():
     version = KONG_VAR["OPENSSL"]
-
-    openssl_verion_uri = version
-    if version.startswith("3"):
-        # for 3.x only use the first two digits
-        openssl_verion_uri = ".".join(version.split(".")[:2])
-
     maybe(
         http_archive,
         name = "openssl",
@@ -20,6 +14,5 @@ def openssl_repositories():
         strip_prefix = "openssl-" + version,
         urls = [
             "https://github.com/openssl/openssl/releases/download/openssl-" + version + "/openssl-" + version + ".tar.gz",
-            "https://openssl.org/source/old/3.1/openssl-" + version + ".tar.gz",
         ],
     )
diff --git a/changelog/unreleased/kong/bump_openssl.yml b/changelog/unreleased/kong/bump_openssl.yml
new file mode 100644
index 000000000000..e03dc9e74cc4
--- /dev/null
+++ b/changelog/unreleased/kong/bump_openssl.yml
@@ -0,0 +1,2 @@
+message: "Bumped OpenSSL to 3.2.3, to fix unbounded memory growth with session handling in TLSv1.3 and other CVEs"
+type: dependency
diff --git a/scripts/explain_manifest/fixtures/amazonlinux-2-amd64.txt b/scripts/explain_manifest/fixtures/amazonlinux-2-amd64.txt
index f75994009046..99bc1a0bf2b5 100644
--- a/scripts/explain_manifest/fixtures/amazonlinux-2-amd64.txt
+++ b/scripts/explain_manifest/fixtures/amazonlinux-2-amd64.txt
@@ -206,7 +206,7 @@
   - lua-resty-lmdb
   - ngx_brotli
   - ngx_wasmx_module
-  OpenSSL   : OpenSSL 3.2.1 30 Jan 2024
+  OpenSSL   : OpenSSL 3.2.3 3 Sep 2024
   DWARF     : True
   DWARF - ngx_http_request_t related DWARF DIEs: True
 
@@ -218,4 +218,3 @@
   - libdl.so.2
   - libc.so.6
   - ld-linux-x86-64.so.2
-
diff --git a/scripts/explain_manifest/fixtures/amazonlinux-2023-amd64.txt b/scripts/explain_manifest/fixtures/amazonlinux-2023-amd64.txt
index 1baf5d190001..8f9eca0c2d03 100644
--- a/scripts/explain_manifest/fixtures/amazonlinux-2023-amd64.txt
+++ b/scripts/explain_manifest/fixtures/amazonlinux-2023-amd64.txt
@@ -195,7 +195,7 @@
   - lua-resty-lmdb
   - ngx_brotli
   - ngx_wasmx_module
-  OpenSSL   : OpenSSL 3.2.1 30 Jan 2024
+  OpenSSL   : OpenSSL 3.2.3 3 Sep 2024
   DWARF     : True
   DWARF - ngx_http_request_t related DWARF DIEs: True
 
diff --git a/scripts/explain_manifest/fixtures/amazonlinux-2023-arm64.txt b/scripts/explain_manifest/fixtures/amazonlinux-2023-arm64.txt
index 807cec769697..46ca7815c3ab 100644
--- a/scripts/explain_manifest/fixtures/amazonlinux-2023-arm64.txt
+++ b/scripts/explain_manifest/fixtures/amazonlinux-2023-arm64.txt
@@ -202,7 +202,7 @@
   - lua-resty-events
   - lua-resty-lmdb
   - ngx_wasmx_module
-  OpenSSL   : OpenSSL 3.2.1 30 Jan 2024
+  OpenSSL   : OpenSSL 3.2.3 3 Sep 2024
   DWARF     : True
   DWARF - ngx_http_request_t related DWARF DIEs: True
 
diff --git a/scripts/explain_manifest/fixtures/debian-11-amd64.txt b/scripts/explain_manifest/fixtures/debian-11-amd64.txt
index 768258ad6b1a..34dab9c2c665 100644
--- a/scripts/explain_manifest/fixtures/debian-11-amd64.txt
+++ b/scripts/explain_manifest/fixtures/debian-11-amd64.txt
@@ -196,7 +196,7 @@
   - lua-resty-lmdb
   - ngx_brotli
   - ngx_wasmx_module
-  OpenSSL   : OpenSSL 3.2.1 30 Jan 2024
+  OpenSSL   : OpenSSL 3.2.3 3 Sep 2024
   DWARF     : True
   DWARF - ngx_http_request_t related DWARF DIEs: True
 
diff --git a/scripts/explain_manifest/fixtures/debian-12-amd64.txt b/scripts/explain_manifest/fixtures/debian-12-amd64.txt
index 31cb3a4d6c7e..c4ef88a045ed 100644
--- a/scripts/explain_manifest/fixtures/debian-12-amd64.txt
+++ b/scripts/explain_manifest/fixtures/debian-12-amd64.txt
@@ -185,7 +185,7 @@
   - lua-resty-lmdb
   - ngx_brotli
   - ngx_wasmx_module
-  OpenSSL   : OpenSSL 3.2.1 30 Jan 2024
+  OpenSSL   : OpenSSL 3.2.3 3 Sep 2024
   DWARF     : True
   DWARF - ngx_http_request_t related DWARF DIEs: True
 
diff --git a/scripts/explain_manifest/fixtures/el8-amd64.txt b/scripts/explain_manifest/fixtures/el8-amd64.txt
index ec2ba1998a3e..5209a52ceee4 100644
--- a/scripts/explain_manifest/fixtures/el8-amd64.txt
+++ b/scripts/explain_manifest/fixtures/el8-amd64.txt
@@ -206,7 +206,7 @@
   - lua-resty-lmdb
   - ngx_brotli
   - ngx_wasmx_module
-  OpenSSL   : OpenSSL 3.2.1 30 Jan 2024
+  OpenSSL   : OpenSSL 3.2.3 3 Sep 2024
   DWARF     : True
   DWARF - ngx_http_request_t related DWARF DIEs: True
 
diff --git a/scripts/explain_manifest/fixtures/el9-amd64.txt b/scripts/explain_manifest/fixtures/el9-amd64.txt
index fb837ac0c0ea..a3a1418a053e 100644
--- a/scripts/explain_manifest/fixtures/el9-amd64.txt
+++ b/scripts/explain_manifest/fixtures/el9-amd64.txt
@@ -195,7 +195,7 @@
   - lua-resty-lmdb
   - ngx_brotli
   - ngx_wasmx_module
-  OpenSSL   : OpenSSL 3.2.1 30 Jan 2024
+  OpenSSL   : OpenSSL 3.2.3 3 Sep 2024
   DWARF     : True
   DWARF - ngx_http_request_t related DWARF DIEs: True
 
diff --git a/scripts/explain_manifest/fixtures/el9-arm64.txt b/scripts/explain_manifest/fixtures/el9-arm64.txt
index 807cec769697..46ca7815c3ab 100644
--- a/scripts/explain_manifest/fixtures/el9-arm64.txt
+++ b/scripts/explain_manifest/fixtures/el9-arm64.txt
@@ -202,7 +202,7 @@
   - lua-resty-events
   - lua-resty-lmdb
   - ngx_wasmx_module
-  OpenSSL   : OpenSSL 3.2.1 30 Jan 2024
+  OpenSSL   : OpenSSL 3.2.3 3 Sep 2024
   DWARF     : True
   DWARF - ngx_http_request_t related DWARF DIEs: True
 
diff --git a/scripts/explain_manifest/fixtures/ubuntu-20.04-amd64.txt b/scripts/explain_manifest/fixtures/ubuntu-20.04-amd64.txt
index 361c43bb7897..190e0742d98e 100644
--- a/scripts/explain_manifest/fixtures/ubuntu-20.04-amd64.txt
+++ b/scripts/explain_manifest/fixtures/ubuntu-20.04-amd64.txt
@@ -200,7 +200,7 @@
   - lua-resty-lmdb
   - ngx_brotli
   - ngx_wasmx_module
-  OpenSSL   : OpenSSL 3.2.1 30 Jan 2024
+  OpenSSL   : OpenSSL 3.2.3 3 Sep 2024
   DWARF     : True
   DWARF - ngx_http_request_t related DWARF DIEs: True
 
diff --git a/scripts/explain_manifest/fixtures/ubuntu-22.04-amd64.txt b/scripts/explain_manifest/fixtures/ubuntu-22.04-amd64.txt
index e0cdc94ca3b3..f76ff5dc7e85 100644
--- a/scripts/explain_manifest/fixtures/ubuntu-22.04-amd64.txt
+++ b/scripts/explain_manifest/fixtures/ubuntu-22.04-amd64.txt
@@ -189,7 +189,7 @@
   - lua-resty-lmdb
   - ngx_brotli
   - ngx_wasmx_module
-  OpenSSL   : OpenSSL 3.2.1 30 Jan 2024
+  OpenSSL   : OpenSSL 3.2.3 3 Sep 2024
   DWARF     : True
   DWARF - ngx_http_request_t related DWARF DIEs: True
 
diff --git a/scripts/explain_manifest/fixtures/ubuntu-22.04-arm64.txt b/scripts/explain_manifest/fixtures/ubuntu-22.04-arm64.txt
index cb06affdd985..21fcb568fcdf 100644
--- a/scripts/explain_manifest/fixtures/ubuntu-22.04-arm64.txt
+++ b/scripts/explain_manifest/fixtures/ubuntu-22.04-arm64.txt
@@ -190,7 +190,7 @@
   - lua-resty-lmdb
   - ngx_brotli
   - ngx_wasmx_module
-  OpenSSL   : OpenSSL 3.2.1 30 Jan 2024
+  OpenSSL   : OpenSSL 3.2.3 3 Sep 2024
   DWARF     : True
   DWARF - ngx_http_request_t related DWARF DIEs: True