diff --git a/.ci/ci_release.yml b/.ci/ci_release.yml
index 46a67f715..b5a3f326c 100644
--- a/.ci/ci_release.yml
+++ b/.ci/ci_release.yml
@@ -244,7 +244,7 @@ stages:
           BuildDropPath: $(signOutPath)
           Build_Repository_Uri: 'https://github.com/powershell/powershellget'
           PackageName: 'PowerShellGet'
-          PackageVersion: '3.0.15'
+          PackageVersion: '3.0.16'
 
     - pwsh: |
         $modulePath = Join-Path -Path $env:AGENT_TEMPDIRECTORY -ChildPath 'TempModules'
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 80a5829e8..ed4333725 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,10 @@
 # CHANGELOG
 
+## 3.0.16-beta16
+
+### Bug Fixes
+- Update NuGet dependency packages for security vulnerabilities (#733)
+
 ## 3.0.15-beta15
 
 ### New Features
diff --git a/src/PowerShellGet.psd1 b/src/PowerShellGet.psd1
index ec1415ddb..6c9289575 100644
--- a/src/PowerShellGet.psd1
+++ b/src/PowerShellGet.psd1
@@ -3,7 +3,7 @@
 
 @{
     RootModule        = './netstandard2.0/PowerShellGet.dll'
-    ModuleVersion     = '3.0.15'
+    ModuleVersion     = '3.0.16'
     GUID              = '1d73a601-4a6c-43c5-ba3f-619b18bbb404'
     Author            = 'Microsoft Corporation'
     CompanyName       = 'Microsoft Corporation'
@@ -34,7 +34,7 @@
     AliasesToExport = @('inmo', 'fimo', 'upmo', 'pumo')
     PrivateData = @{
         PSData = @{
-            Prerelease = 'beta15'
+            Prerelease = 'beta16'
             Tags = @('PackageManagement',
                 'PSEdition_Desktop',
                 'PSEdition_Core',
@@ -44,6 +44,11 @@
             ProjectUri = 'https://go.microsoft.com/fwlink/?LinkId=828955'
             LicenseUri = 'https://go.microsoft.com/fwlink/?LinkId=829061'
             ReleaseNotes = @'
+## 3.0.16-beta16
+
+### Bug Fixes
+- Update NuGet dependency packages for security vulnerabilities (#733)
+
 ## 3.0.15-beta15
 
 ### New Features
diff --git a/src/code/PowerShellGet.csproj b/src/code/PowerShellGet.csproj
index 85e5c80d2..2326171b8 100644
--- a/src/code/PowerShellGet.csproj
+++ b/src/code/PowerShellGet.csproj
@@ -5,9 +5,9 @@
     <OutputType>Library</OutputType>
     <RootNamespace>PowerShellGet</RootNamespace>
     <AssemblyName>PowerShellGet</AssemblyName>
-    <AssemblyVersion>3.0.15.0</AssemblyVersion>
-    <FileVersion>3.0.15</FileVersion>
-    <InformationalVersion>3.0.15</InformationalVersion>
+    <AssemblyVersion>3.0.16.0</AssemblyVersion>
+    <FileVersion>3.0.16</FileVersion>
+    <InformationalVersion>3.0.16</InformationalVersion>
     <TargetFrameworks>netstandard2.0</TargetFrameworks>
     <LangVersion>8.0</LangVersion>
   </PropertyGroup>