diff --git a/cmd/ingress-operator/start.go b/cmd/ingress-operator/start.go
index d9053f862a..238c5d24fe 100644
--- a/cmd/ingress-operator/start.go
+++ b/cmd/ingress-operator/start.go
@@ -35,8 +35,8 @@ const (
 	defaultTrustedCABundle           = "/etc/pki/ca-trust/extracted/pem/tls-ca-bundle.pem"
 	defaultGatewayAPIOperatorCatalog = "redhat-operators"
 	defaultGatewayAPIOperatorChannel = "stable"
-	defaultGatewayAPIOperatorVersion = "servicemeshoperator3.v3.2.0"
-	defaultIstioVersion              = "v1.27.3"
+	defaultGatewayAPIOperatorVersion = "servicemeshoperator3.v3.2.2"
+	defaultIstioVersion              = "v1.27.5"
 )
 
 type StartOptions struct {
diff --git a/manifests/02-deployment-ibm-cloud-managed.yaml b/manifests/02-deployment-ibm-cloud-managed.yaml
index 076a00a9fd..d50c628cbd 100644
--- a/manifests/02-deployment-ibm-cloud-managed.yaml
+++ b/manifests/02-deployment-ibm-cloud-managed.yaml
@@ -59,9 +59,9 @@ spec:
         - name: GATEWAY_API_OPERATOR_CHANNEL
           value: stable
         - name: GATEWAY_API_OPERATOR_VERSION
-          value: servicemeshoperator3.v3.2.0
+          value: servicemeshoperator3.v3.2.2
         - name: ISTIO_VERSION
-          value: v1.27.3
+          value: v1.27.5
         image: openshift/origin-cluster-ingress-operator:latest
         imagePullPolicy: IfNotPresent
         name: ingress-operator
diff --git a/manifests/02-deployment.yaml b/manifests/02-deployment.yaml
index b8bd71d439..07b62a96aa 100644
--- a/manifests/02-deployment.yaml
+++ b/manifests/02-deployment.yaml
@@ -88,9 +88,9 @@ spec:
             - name: GATEWAY_API_OPERATOR_CHANNEL
               value: stable
             - name: GATEWAY_API_OPERATOR_VERSION
-              value: servicemeshoperator3.v3.2.0
+              value: servicemeshoperator3.v3.2.2
             - name: ISTIO_VERSION
-              value: v1.27.3
+              value: v1.27.5
           resources:
             requests:
               cpu: 10m