diff --git a/README.md b/README.md
index 4272c92f..370e3398 100644
--- a/README.md
+++ b/README.md
@@ -58,7 +58,7 @@ To attach access management tags to resources in this module, you need the follo
 | Name | Version |
 |------|---------|
 | <a name="requirement_terraform"></a> [terraform](#requirement\_terraform) | >= 1.3.0 |
-| <a name="requirement_ibm"></a> [ibm](#requirement\_ibm) | >= 1.54.0, < 2.0.0 |
+| <a name="requirement_ibm"></a> [ibm](#requirement\_ibm) | >= 1.56.1, < 2.0.0 |
 | <a name="requirement_time"></a> [time](#requirement\_time) | >= 0.9.1 |
 
 ### Modules
diff --git a/examples/backup/version.tf b/examples/backup/version.tf
index 22c0e132..b29a03ea 100644
--- a/examples/backup/version.tf
+++ b/examples/backup/version.tf
@@ -4,7 +4,7 @@ terraform {
     # Use latest version of provider in non-basic examples to verify latest version works with module
     ibm = {
       source  = "IBM-Cloud/ibm"
-      version = ">= 1.54.0"
+      version = ">= 1.56.1"
     }
   }
 }
diff --git a/examples/basic/version.tf b/examples/basic/version.tf
index 9188ce6e..5638362e 100644
--- a/examples/basic/version.tf
+++ b/examples/basic/version.tf
@@ -4,7 +4,7 @@ terraform {
     # Pin to the lowest provider version of the range defined in the main module's version.tf to ensure lowest version still works
     ibm = {
       source  = "IBM-Cloud/ibm"
-      version = "1.54.0"
+      version = "1.56.1"
     }
 
     time = {
diff --git a/examples/complete/version.tf b/examples/complete/version.tf
index 25d0dda6..4e35bb57 100644
--- a/examples/complete/version.tf
+++ b/examples/complete/version.tf
@@ -4,7 +4,7 @@ terraform {
     # Use latest version of provider in non-basic examples to verify latest version works with module
     ibm = {
       source  = "IBM-Cloud/ibm"
-      version = ">= 1.54.0"
+      version = ">= 1.56.1"
     }
     time = {
       source  = "hashicorp/time"
diff --git a/examples/fscloud/version.tf b/examples/fscloud/version.tf
index 22c0e132..b29a03ea 100644
--- a/examples/fscloud/version.tf
+++ b/examples/fscloud/version.tf
@@ -4,7 +4,7 @@ terraform {
     # Use latest version of provider in non-basic examples to verify latest version works with module
     ibm = {
       source  = "IBM-Cloud/ibm"
-      version = ">= 1.54.0"
+      version = ">= 1.56.1"
     }
   }
 }
diff --git a/examples/pitr/version.tf b/examples/pitr/version.tf
index 22c0e132..b29a03ea 100644
--- a/examples/pitr/version.tf
+++ b/examples/pitr/version.tf
@@ -4,7 +4,7 @@ terraform {
     # Use latest version of provider in non-basic examples to verify latest version works with module
     ibm = {
       source  = "IBM-Cloud/ibm"
-      version = ">= 1.54.0"
+      version = ">= 1.56.1"
     }
   }
 }
diff --git a/module-metadata.json b/module-metadata.json
index 77472b0c..b89cabb1 100644
--- a/module-metadata.json
+++ b/module-metadata.json
@@ -453,7 +453,7 @@
     "ibm": {
       "source": "IBM-Cloud/ibm",
       "version_constraints": [
-        "\u003e= 1.54.0, \u003c 2.0.0"
+        "\u003e= 1.56.1, \u003c 2.0.0"
       ]
     },
     "time": {
diff --git a/profiles/fscloud/README.md b/profiles/fscloud/README.md
index d76dac8a..afce6158 100644
--- a/profiles/fscloud/README.md
+++ b/profiles/fscloud/README.md
@@ -16,7 +16,7 @@ The IBM Cloud Framework for Financial Services mandates the application of an in
 | Name | Version |
 |------|---------|
 | <a name="requirement_terraform"></a> [terraform](#requirement\_terraform) | >= 1.3.0 |
-| <a name="requirement_ibm"></a> [ibm](#requirement\_ibm) | >= 1.54.0 |
+| <a name="requirement_ibm"></a> [ibm](#requirement\_ibm) | >= 1.56.1 |
 
 ### Modules
 
diff --git a/profiles/fscloud/version.tf b/profiles/fscloud/version.tf
index 4f6b9e59..e78b8145 100644
--- a/profiles/fscloud/version.tf
+++ b/profiles/fscloud/version.tf
@@ -8,7 +8,7 @@ terraform {
     ibm = {
       source = "IBM-Cloud/ibm"
       # Use "greater than or equal to" range in modules
-      version = ">= 1.54.0"
+      version = ">= 1.56.1"
     }
   }
 }
diff --git a/version.tf b/version.tf
index d55b7ac1..54926b85 100644
--- a/version.tf
+++ b/version.tf
@@ -4,7 +4,7 @@ terraform {
     # Use "greater than or equal to" range in modules
     ibm = {
       source  = "IBM-Cloud/ibm"
-      version = ">= 1.54.0, < 2.0.0"
+      version = ">= 1.56.1, < 2.0.0"
     }
     time = {
       source  = "hashicorp/time"