diff --git a/Dockerfile b/Dockerfile
index 925ba7668df66fb13b4efeb108aa7729c6710ca7..49ddd0c65d43d230860d9cced4227d53f8b8746a 100644
--- a/Dockerfile
+++ b/Dockerfile
@@ -4,7 +4,10 @@ ARG BASE_REGISTRY=nexus-docker-secure.levelup-dev.io
 ARG BASE_IMAGE=redhat/ubi/ubi8
 ARG BASE_TAG=8.2
 
-FROM istio/proxyv2:1.5.10 AS base
+# Updated by Renovate
+ARG version="1.5.10"
+
+FROM istio/proxyv2:${version} AS base
 
 FROM ${BASE_REGISTRY}/${BASE_IMAGE}:${BASE_TAG}
 
@@ -23,8 +26,9 @@ ARG proxy_version
 ARG istio_version
 
 COPY --from=base /usr/local/bin/envoy /usr/local/bin/envoy
-ENV ISTIO_META_ISTIO_PROXY_SHA=istio-proxy:9b4239dee83dd8894bfc579d412ccd894cff2597
-ENV ISTIO_META_ISTIO_VERSION=1.5.4
+# Iron Bank cannot provide a meaningful SHA here, set it to a placeholder value
+ENV ISTIO_META_ISTIO_PROXY_SHA=isto-proxy:ironbank
+ENV ISTIO_META_ISTIO_VERSION=${version}
 COPY --from=base /usr/local/bin/pilot-agent /usr/local/bin/pilot-agent
 
 COPY --from=base /etc/istio/proxy/envoy_policy.yaml.tmpl /etc/istio/proxy/envoy_policy.yaml.tmpl
@@ -40,7 +44,7 @@ RUN useradd -u 1337 istio-proxy && \
     chown -R 1337 /etc/istio && \
     dnf update -y && \
     dnf clean all && \
-    rm -rf /var/cache/dnf/ 
+    rm -rf /var/cache/dnf/
 
 EXPOSE 443
 USER istio-proxy