diff --git a/aws/logs_monitoring/release.sh b/aws/logs_monitoring/release.sh
index 0de6193eb..5839e042c 100755
--- a/aws/logs_monitoring/release.sh
+++ b/aws/logs_monitoring/release.sh
@@ -63,10 +63,10 @@ if [ "$PROD_RELEASE" = true ] ; then
     # Get the latest code
     git pull origin master
 
-    # Bump version number
+    # Bump version number in settings.py and template.yml
     echo "Bumping the current version number to the desired"
-    perl -pi -e "s/DD_FORWARDER_VERSION = \"${CURRENT_VERSION}/DD_FORWARDER_VERSION = \"${VERSION}/g" settings.py
-    perl -pi -e "s/Version: ${CURRENT_VERSION}/Version: ${VERSION}/g" template.yaml
+    perl -pi -e "s/DD_FORWARDER_VERSION = \"[0-9\.]+/DD_FORWARDER_VERSION = \"${VERSION}/g" settings.py
+    perl -pi -e "s/Version: [0-9\.]+/Version: ${VERSION}/g" template.yaml
 
     # Commit version number changes to git
     git add lambda_function.py template.yaml README.md
diff --git a/aws/logs_monitoring/settings.py b/aws/logs_monitoring/settings.py
index 5ffc689d5..3c45a35a5 100644
--- a/aws/logs_monitoring/settings.py
+++ b/aws/logs_monitoring/settings.py
@@ -206,4 +206,4 @@ def __init__(self, name, pattern, placeholder):
 DD_CUSTOM_TAGS = "ddtags"
 DD_SERVICE = "service"
 DD_HOST = "host"
-DD_FORWARDER_VERSION = "3.16.0"
+DD_FORWARDER_VERSION = "3.16.3"