diff --git a/README.md b/README.md
index 8eb5730..bf0d88b 100644
--- a/README.md
+++ b/README.md
@@ -38,7 +38,7 @@ This repo contains an AWS CloudFormation template to deploy YugabyteDB cluster o
     aws cloudformation create-stack                                             \
             --stack-name <your-stack-name>                                      \
             --template-body file://yugabyte_cloudformation.yaml                 \
-            --parameters ParameterKey=DBVersion,ParameterValue=2024.1.0.0-b175    \
+            --parameters ParameterKey=DBVersion,ParameterValue=2024.1.1.0-b175    \
                          ParameterKey=KeyName,ParameterValue=<you-ssh-key-name>
     ```
   - Wait until the creation of all resources is complete.
diff --git a/yugabyte_cloudformation.yaml b/yugabyte_cloudformation.yaml
index 97e0b83..57690ac 100644
--- a/yugabyte_cloudformation.yaml
+++ b/yugabyte_cloudformation.yaml
@@ -5,9 +5,9 @@ Description: |
 
 Parameters:
   DBVersion:
-    Description: Default YugabyteDB version is 2024.1.0.0-b190
+    Description: Default YugabyteDB version is 2024.1.1.0-b190
     Type: String
-    Default: "2024.1.0.0-b190"
+    Default: "2024.1.1.0-b190"
   RFFactor:
     Description: Replication factor to create YugabyteDB cluster by default it is set to 3.
     Type: String