diff --git a/CHANGELOG.md b/CHANGELOG.md
index f557fa8..c8337bd 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Changelog
 
+## 2024-07-12
+### Added
+- Updated default [`version`](https://github.com/overleaf/toolkit/blob/master/lib/config-seed/version) to `5.0.7`.
+  :warning: This is a security release. Please check the [release notes](https://github.com/overleaf/overleaf/wiki/Release-Notes-5.x.x#server-pro-507) for details.
+
+  Note: Server Pro version 4.2.7 contains the equivalent security update for the 4.x.x release line.
+
 ## 2024-06-21
 ### Added
 - Added warning for usage of legacy docker-compose v1.
diff --git a/lib/config-seed/version b/lib/config-seed/version
index c20c645..0043336 100644
--- a/lib/config-seed/version
+++ b/lib/config-seed/version
@@ -1 +1 @@
-5.0.6
+5.0.7