diff --git a/composer.json b/composer.json
index f83c90ed8..8349d7ca7 100644
--- a/composer.json
+++ b/composer.json
@@ -39,7 +39,7 @@
         "spomky-labs/otphp": "^8.0",
         "drewm/mailchimp-api": "^2.4",
         "league/flysystem-sftp": "^1.0",
-        "phpseclib/phpseclib": "2.0.31",
+        "phpseclib/phpseclib": "2.0.47",
         "php-coveralls/php-coveralls": "^2.4",
         "endroid/qr-code": "^2.5",
         "oomphinc/composer-installers-extender": "^2.0",
diff --git a/composer.lock b/composer.lock
index 3c6e53114..71c82a4d4 100644
--- a/composer.lock
+++ b/composer.lock
@@ -4,7 +4,7 @@
         "Read more about it at https://getcomposer.org/doc/01-basic-usage.md#installing-dependencies",
         "This file is @generated automatically"
     ],
-    "content-hash": "3026fbfc07e164d84e2832a810d9b8cb",
+    "content-hash": "ebd44025aac5940a9ac61e11ead95200",
     "packages": [
         {
             "name": "automattic/woocommerce",
@@ -2668,16 +2668,16 @@
         },
         {
             "name": "phpseclib/phpseclib",
-            "version": "2.0.31",
+            "version": "2.0.47",
             "source": {
                 "type": "git",
                 "url": "https://github.com/phpseclib/phpseclib.git",
-                "reference": "233a920cb38636a43b18d428f9a8db1f0a1a08f4"
+                "reference": "b7d7d90ee7df7f33a664b4aea32d50a305d35adb"
             },
             "dist": {
                 "type": "zip",
-                "url": "https://api.github.com/repos/phpseclib/phpseclib/zipball/233a920cb38636a43b18d428f9a8db1f0a1a08f4",
-                "reference": "233a920cb38636a43b18d428f9a8db1f0a1a08f4",
+                "url": "https://api.github.com/repos/phpseclib/phpseclib/zipball/b7d7d90ee7df7f33a664b4aea32d50a305d35adb",
+                "reference": "b7d7d90ee7df7f33a664b4aea32d50a305d35adb",
                 "shasum": ""
             },
             "require": {
@@ -2692,7 +2692,8 @@
                 "ext-gmp": "Install the GMP (GNU Multiple Precision) extension in order to speed up arbitrary precision integer arithmetic operations.",
                 "ext-libsodium": "SSH2/SFTP can make use of some algorithms provided by the libsodium-php extension.",
                 "ext-mcrypt": "Install the Mcrypt extension in order to speed up a few other cryptographic operations.",
-                "ext-openssl": "Install the OpenSSL extension in order to speed up a wide variety of cryptographic operations."
+                "ext-openssl": "Install the OpenSSL extension in order to speed up a wide variety of cryptographic operations.",
+                "ext-xml": "Install the XML extension to load XML formatted public keys."
             },
             "type": "library",
             "autoload": {
@@ -2755,7 +2756,25 @@
                 "x.509",
                 "x509"
             ],
-            "time": "2021-04-06T13:56:45+00:00"
+            "support": {
+                "issues": "https://github.com/phpseclib/phpseclib/issues",
+                "source": "https://github.com/phpseclib/phpseclib/tree/2.0.47"
+            },
+            "funding": [
+                {
+                    "url": "https://github.com/terrafrost",
+                    "type": "github"
+                },
+                {
+                    "url": "https://www.patreon.com/phpseclib",
+                    "type": "patreon"
+                },
+                {
+                    "url": "https://tidelift.com/funding/github/packagist/phpseclib/phpseclib",
+                    "type": "tidelift"
+                }
+            ],
+            "time": "2024-02-26T04:55:38+00:00"
         },
         {
             "name": "predis/predis",