diff --git a/rust/Cargo.lock b/rust/Cargo.lock
index f17660e7d..5674a047c 100644
--- a/rust/Cargo.lock
+++ b/rust/Cargo.lock
@@ -5526,9 +5526,9 @@ dependencies = [
 
 [[package]]
 name = "serde"
-version = "1.0.197"
+version = "1.0.203"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "3fb1c873e1b9b056a4dc4c0c198b24c3ffa059243875552b2bd0933b1aee4ce2"
+checksum = "7253ab4de971e72fb7be983802300c30b5a7f0c2e56fab8abfc6a214307c0094"
 dependencies = [
  "serde_derive",
 ]
@@ -5555,9 +5555,9 @@ dependencies = [
 
 [[package]]
 name = "serde_derive"
-version = "1.0.197"
+version = "1.0.203"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "7eb0b34b42edc17f6b7cac84a52a1c5f0e1bb2227e997ca9011ea3dd34e8610b"
+checksum = "500cbc0ebeb6f46627f50f3f5811ccf6bf00643be300b4c3eabc0ef55dc5b5ba"
 dependencies = [
  "proc-macro2",
  "quote",
diff --git a/rust/headless-client/Cargo.toml b/rust/headless-client/Cargo.toml
index 3d3128dd4..db5560ba7 100644
--- a/rust/headless-client/Cargo.toml
+++ b/rust/headless-client/Cargo.toml
@@ -17,7 +17,7 @@ futures = "0.3.30"
 git-version = "0.3.9"
 humantime = "2.1"
 secrecy = { workspace = true }
-serde = { version = "1.0.197", features = ["derive"] }
+serde = { version = "1.0.203", features = ["derive"] }
 serde_json = "1.0.115"
 # This actually relies on many other features in Tokio, so this will probably
 # fail to build outside the workspace. <https://github.com/firezone/firezone/pull/4328#discussion_r1540342142>
diff --git a/rust/phoenix-channel/Cargo.toml b/rust/phoenix-channel/Cargo.toml
index c9b560b27..d30bbcd1c 100644
--- a/rust/phoenix-channel/Cargo.toml
+++ b/rust/phoenix-channel/Cargo.toml
@@ -11,7 +11,7 @@ secrecy = { workspace = true }
 tokio-tungstenite = { workspace = true, features = ["rustls-tls-webpki-roots"] }
 futures = "0.3.29"
 base64 = "0.22.1"
-serde = { version = "1.0.196", features = ["derive"] }
+serde = { version = "1.0.203", features = ["derive"] }
 tracing = { workspace = true }
 rand_core = "0.6.4"
 url = "2.4.1"
diff --git a/rust/relay/Cargo.toml b/rust/relay/Cargo.toml
index 76da2aff5..782b38a0c 100644
--- a/rust/relay/Cargo.toml
+++ b/rust/relay/Cargo.toml
@@ -31,7 +31,7 @@ derive_more = { version = "0.99.17", features = ["from"] }
 uuid = { version = "1.7.0", features = ["v4"] }
 phoenix-channel = { path = "../phoenix-channel" }
 url = "2.4.1"
-serde = { version = "1.0.196", features = ["derive"] }
+serde = { version = "1.0.203", features = ["derive"] }
 trackable = "1.3.0"
 socket2 = "0.5.7"
 backoff = "0.4"