diff --git a/CHANGES.md b/CHANGES.md
index 37ea886a81..b59503e083 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,22 @@
+# Synapse 1.92.3 (2023-09-18)
+
+This is again a security update targeted at mitigating [CVE-2023-4863](https://cve.org/CVERecord?id=CVE-2023-4863).
+It turns out that libwebp is bundled statically in Pillow wheels so we need to update this dependency instead of
+libwebp package at the OS level.
+
+Unlike what was advertised in 1.92.2 changelog this release also impacts PyPI wheels and Debian packages from matrix.org.
+
+We encourage admins to upgrade as soon as possible.
+
+
+### Internal Changes
+
+- Pillow 10.0.1 is now mandatory because of libwebp CVE-2023-4863, since Pillow provides libwebp in the wheels. ([\#16347](https://github.com/matrix-org/synapse/issues/16347))
+
+### Updates to locked dependencies
+
+* Bump pillow from 10.0.0 to 10.0.1. ([\#16344](https://github.com/matrix-org/synapse/issues/16344))
+
 # Synapse 1.92.2 (2023-09-15)
 
 This is a Docker-only update to mitigate [CVE-2023-4863](https://cve.org/CVERecord?id=CVE-2023-4863), a critical vulnerability in `libwebp`. Server admins not using Docker should ensure that their `libwebp` is up to date (if installed). We encourage admins to upgrade as soon as possible.
diff --git a/debian/changelog b/debian/changelog
index 79e7fccfca..254ca26fd8 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.92.3) stable; urgency=medium
+
+  * New Synapse release 1.92.3.
+
+ -- Synapse Packaging team <packages@matrix.org>  Mon, 18 Sep 2023 15:05:04 +0200
+
 matrix-synapse-py3 (1.92.2) stable; urgency=medium
 
   * New Synapse release 1.92.2.
diff --git a/pyproject.toml b/pyproject.toml
index 9c9a5dc2bc..7f1e773159 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -95,7 +95,7 @@ manifest-path = "rust/Cargo.toml"
 
 [tool.poetry]
 name = "matrix-synapse"
-version = "1.92.2"
+version = "1.92.3"
 description = "Homeserver for the Matrix decentralised comms protocol"
 authors = ["Matrix.org Team and Contributors <packages@matrix.org>"]
 license = "Apache-2.0"