diff --git a/templates/addons/cloud-controller-manager.yaml b/templates/addons/cloud-controller-manager.yaml
index 8d6281691aa..b8accb91858 100644
--- a/templates/addons/cloud-controller-manager.yaml
+++ b/templates/addons/cloud-controller-manager.yaml
@@ -151,7 +151,7 @@ spec:
   serviceAccountName: cloud-controller-manager
   containers:
     - name: cloud-controller-manager
-      image: mcr.microsoft.com/oss/kubernetes/azure-cloud-controller-manager:v0.5.0
+      image: mcr.microsoft.com/oss/kubernetes/azure-cloud-controller-manager:v0.7.4
       imagePullPolicy: IfNotPresent
       command: ["cloud-controller-manager"]
       args:
diff --git a/templates/addons/cloud-node-manager.yaml b/templates/addons/cloud-node-manager.yaml
index 6490e4c1fc2..cd2d2375c1c 100644
--- a/templates/addons/cloud-node-manager.yaml
+++ b/templates/addons/cloud-node-manager.yaml
@@ -66,7 +66,7 @@ spec:
           effect: NoSchedule
       containers:
         - name: cloud-node-manager
-          image: mcr.microsoft.com/oss/kubernetes/azure-cloud-node-manager:v0.5.0
+          image: mcr.microsoft.com/oss/kubernetes/azure-cloud-node-manager:v0.7.4
           imagePullPolicy: IfNotPresent
           command:
             - cloud-node-manager