diff --git a/jupyterhub/values.yaml b/jupyterhub/values.yaml
index d8c95bafe1..88d6b5504f 100644
--- a/jupyterhub/values.yaml
+++ b/jupyterhub/values.yaml
@@ -274,7 +274,7 @@ proxy:
       # tag is automatically bumped to new patch versions by the
       # watch-dependencies.yaml workflow.
       #
-      tag: "v3.2.2" # ref: https://hub.docker.com/_/traefik?tab=tags
+      tag: "v3.2.3" # ref: https://hub.docker.com/_/traefik?tab=tags
       pullPolicy:
       pullSecrets: []
     hsts: