diff --git a/Makefile b/Makefile
index f22e641..df40c62 100644
--- a/Makefile
+++ b/Makefile
@@ -34,7 +34,7 @@ ACK_ECR_VERSION = v1.0.5
 # datasource=github-tags depName=aws-controllers-k8s/eks-controller
 ACK_EKS_VERSION = v1.0.2
 # datasource=github-tags depName=aws-controllers-k8s/iam-controller
-ACK_IAM_VERSION = v1.2.2
+ACK_IAM_VERSION = v1.2.3
 # datasource=github-tags depName=aws-controllers-k8s/s3-controller
 ACK_S3_VERSION = v1.0.4