diff --git a/.changeset/renovate-7aa519f.md b/.changeset/renovate-7aa519f.md
new file mode 100644
index 0000000000..763d94217b
--- /dev/null
+++ b/.changeset/renovate-7aa519f.md
@@ -0,0 +1,6 @@
+---
+'@backstage/plugin-cost-insights': patch
+'@backstage/plugin-proxy-backend': patch
+---
+
+Updated dependency `yup` to `^1.0.0`.
diff --git a/plugins/cost-insights/package.json b/plugins/cost-insights/package.json
index 4bc0454ab0..50c6119655 100644
--- a/plugins/cost-insights/package.json
+++ b/plugins/cost-insights/package.json
@@ -58,7 +58,7 @@
     "react-use": "^17.2.4",
     "recharts": "^2.5.0",
     "regression": "^2.0.1",
-    "yup": "^0.32.9"
+    "yup": "^1.0.0"
   },
   "devDependencies": {
     "@backstage/cli": "workspace:^",
diff --git a/plugins/proxy-backend/package.json b/plugins/proxy-backend/package.json
index df9890b68c..5e4ed1e728 100644
--- a/plugins/proxy-backend/package.json
+++ b/plugins/proxy-backend/package.json
@@ -62,7 +62,7 @@
     "winston": "^3.2.1",
     "yaml": "^2.0.0",
     "yn": "^4.0.0",
-    "yup": "^0.32.9"
+    "yup": "^1.0.0"
   },
   "devDependencies": {
     "@backstage/backend-test-utils": "workspace:^",
diff --git a/yarn.lock b/yarn.lock
index f71d95fbcd..86dd8563f3 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -3144,7 +3144,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@babel/runtime@npm:^7.0.0, @babel/runtime@npm:^7.1.2, @babel/runtime@npm:^7.10.1, @babel/runtime@npm:^7.12.1, @babel/runtime@npm:^7.12.5, @babel/runtime@npm:^7.13.10, @babel/runtime@npm:^7.15.4, @babel/runtime@npm:^7.18.3, @babel/runtime@npm:^7.18.6, @babel/runtime@npm:^7.2.0, @babel/runtime@npm:^7.20.1, @babel/runtime@npm:^7.20.13, @babel/runtime@npm:^7.20.6, @babel/runtime@npm:^7.21.0, @babel/runtime@npm:^7.23.2, @babel/runtime@npm:^7.23.8, @babel/runtime@npm:^7.3.1, @babel/runtime@npm:^7.4.4, @babel/runtime@npm:^7.5.5, @babel/runtime@npm:^7.6.0, @babel/runtime@npm:^7.7.6, @babel/runtime@npm:^7.8.3, @babel/runtime@npm:^7.8.4, @babel/runtime@npm:^7.8.7, @babel/runtime@npm:^7.9.2":
+"@babel/runtime@npm:^7.0.0, @babel/runtime@npm:^7.1.2, @babel/runtime@npm:^7.10.1, @babel/runtime@npm:^7.12.1, @babel/runtime@npm:^7.12.5, @babel/runtime@npm:^7.13.10, @babel/runtime@npm:^7.18.3, @babel/runtime@npm:^7.18.6, @babel/runtime@npm:^7.2.0, @babel/runtime@npm:^7.20.1, @babel/runtime@npm:^7.20.13, @babel/runtime@npm:^7.20.6, @babel/runtime@npm:^7.21.0, @babel/runtime@npm:^7.23.2, @babel/runtime@npm:^7.23.8, @babel/runtime@npm:^7.3.1, @babel/runtime@npm:^7.4.4, @babel/runtime@npm:^7.5.5, @babel/runtime@npm:^7.6.0, @babel/runtime@npm:^7.7.6, @babel/runtime@npm:^7.8.3, @babel/runtime@npm:^7.8.4, @babel/runtime@npm:^7.8.7, @babel/runtime@npm:^7.9.2":
   version: 7.23.8
   resolution: "@babel/runtime@npm:7.23.8"
   dependencies:
@@ -6170,7 +6170,7 @@ __metadata:
     react-use: ^17.2.4
     recharts: ^2.5.0
     regression: ^2.0.1
-    yup: ^0.32.9
+    yup: ^1.0.0
   peerDependencies:
     react: ^16.13.1 || ^17.0.0 || ^18.0.0
     react-dom: ^16.13.1 || ^17.0.0 || ^18.0.0
@@ -8102,7 +8102,7 @@ __metadata:
     winston: ^3.2.1
     yaml: ^2.0.0
     yn: ^4.0.0
-    yup: ^0.32.9
+    yup: ^1.0.0
   languageName: unknown
   linkType: soft
 
@@ -18857,7 +18857,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@types/lodash@npm:^4.14.151, @types/lodash@npm:^4.14.173, @types/lodash@npm:^4.14.175":
+"@types/lodash@npm:^4.14.151, @types/lodash@npm:^4.14.173":
   version: 4.14.202
   resolution: "@types/lodash@npm:4.14.202"
   checksum: a91acf3564a568c6f199912f3eb2c76c99c5a0d7e219394294213b3f2d54f672619f0fde4da22b29dc5d4c31457cd799acc2e5cb6bd90f9af04a1578483b6ff7
@@ -35657,13 +35657,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"nanoclone@npm:^0.2.1":
-  version: 0.2.1
-  resolution: "nanoclone@npm:0.2.1"
-  checksum: 96b2954e22f70561f41e20d69856266c65583c2a441dae108f1dc71b716785d2c8038dac5f1d5e92b117aed3825f526b53139e2e5d6e6db8a77cfa35b3b8bf40
-  languageName: node
-  linkType: hard
-
 "nanoid@npm:^3.3.7":
   version: 3.3.7
   resolution: "nanoid@npm:3.3.7"
@@ -38792,10 +38785,10 @@ __metadata:
   languageName: node
   linkType: hard
 
-"property-expr@npm:^2.0.4":
-  version: 2.0.4
-  resolution: "property-expr@npm:2.0.4"
-  checksum: 7ac142e189f0feef685f327f582efe13bfbc24a0b6e2328afdb38520bc140caa5f91dfa9529f2539b4468d85dc83a593e1ef0e0f7401b525368bb634b323bf54
+"property-expr@npm:^2.0.5":
+  version: 2.0.6
+  resolution: "property-expr@npm:2.0.6"
+  checksum: 89977f4bb230736c1876f460dd7ca9328034502fd92e738deb40516d16564b850c0bbc4e052c3df88b5b8cd58e51c93b46a94bea049a3f23f4a022c038864cab
   languageName: node
   linkType: hard
 
@@ -43506,6 +43499,13 @@ __metadata:
   languageName: node
   linkType: hard
 
+"tiny-case@npm:^1.0.3":
+  version: 1.0.3
+  resolution: "tiny-case@npm:1.0.3"
+  checksum: 3f7a30c39d5b0e1bc097b0b271bec14eb5b836093db034f35a0de26c14422380b50dc12bfd37498cf35b192f5df06f28a710712c87ead68872a9e37ad6f6049d
+  languageName: node
+  linkType: hard
+
 "tiny-emitter@npm:^2.0.0":
   version: 2.1.0
   resolution: "tiny-emitter@npm:2.1.0"
@@ -46349,18 +46349,15 @@ __metadata:
   languageName: node
   linkType: hard
 
-"yup@npm:^0.32.9":
-  version: 0.32.11
-  resolution: "yup@npm:0.32.11"
+"yup@npm:^1.0.0":
+  version: 1.3.3
+  resolution: "yup@npm:1.3.3"
   dependencies:
-    "@babel/runtime": ^7.15.4
-    "@types/lodash": ^4.14.175
-    lodash: ^4.17.21
-    lodash-es: ^4.17.21
-    nanoclone: ^0.2.1
-    property-expr: ^2.0.4
+    property-expr: ^2.0.5
+    tiny-case: ^1.0.3
     toposort: ^2.0.2
-  checksum: 43a16786b47cc910fed4891cebdd89df6d6e31702e9462e8f969c73eac88551ce750732608012201ea6b93802c8847cb0aa27b5d57370640f4ecf30f9f97d4b0
+    type-fest: ^2.19.0
+  checksum: 7b9e19fedc85deb8cffd6b24617f79542c904f11a9c4ca8bb72fb003e61bd6c5278cc799fa9421c6a1a96ff04e7117bf0c000c9f10b543d6cd32a1e35e8f5f65
   languageName: node
   linkType: hard