diff --git a/examples/socketio/package.json b/examples/socketio/package.json
index e598ed8896c7..b5ca6e718b2e 100644
--- a/examples/socketio/package.json
+++ b/examples/socketio/package.json
@@ -57,7 +57,7 @@
     "@loopback/rest-explorer": "^8.0.6",
     "@loopback/socketio": "^0.9.6",
     "debug": "^4.4.3",
-    "p-event": "^4.2.0",
+    "p-event": "^7.0.0",
     "tslib": "^2.8.1"
   },
   "devDependencies": {
diff --git a/extensions/socketio/package.json b/extensions/socketio/package.json
index 94181f324cac..a1a686677763 100644
--- a/extensions/socketio/package.json
+++ b/extensions/socketio/package.json
@@ -61,7 +61,7 @@
     "@loopback/eslint-config": "^16.0.1",
     "@loopback/testlab": "^8.0.5",
     "@types/debug": "^4.1.12",
-    "p-event": "^4.2.0",
+    "p-event": "^7.0.0",
     "socket.io-client": "^4.8.1"
   }
 }
diff --git a/package-lock.json b/package-lock.json
index b901f0b79d1b..55ff514e64cc 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -942,7 +942,7 @@
         "@loopback/rest-explorer": "^8.0.6",
         "@loopback/socketio": "^0.9.6",
         "debug": "^4.4.3",
-        "p-event": "^4.2.0",
+        "p-event": "^7.0.0",
         "tslib": "^2.8.1"
       },
       "devDependencies": {
@@ -1640,7 +1640,7 @@
         "@loopback/eslint-config": "^16.0.1",
         "@loopback/testlab": "^8.0.5",
         "@types/debug": "^4.1.12",
-        "p-event": "^4.2.0",
+        "p-event": "^7.0.0",
         "socket.io-client": "^4.8.1"
       },
       "engines": {
@@ -29342,14 +29342,27 @@
       }
     },
     "node_modules/p-event": {
-      "version": "4.2.0",
-      "resolved": "https://registry.npmjs.org/p-event/-/p-event-4.2.0.tgz",
-      "integrity": "sha512-KXatOjCRXXkSePPb1Nbi0p0m+gQAwdlbhi4wQKJPI1HsMQS9g+Sqp2o+QHziPr7eYJyOZet836KoHEVM1mwOrQ==",
+      "version": "7.0.0",
+      "resolved": "https://registry.npmjs.org/p-event/-/p-event-7.0.0.tgz",
+      "integrity": "sha512-z4Xv/ieHhi6Dx3A5xbZI8WWTn+eSRo6buGTvA8Yv2iLyX+61SUIMKcBszZRHA6e2Apld6QEDSclAuha2iUntyA==",
+      "license": "MIT",
       "dependencies": {
-        "p-timeout": "^3.1.0"
+        "p-timeout": "^6.1.4"
       },
       "engines": {
-        "node": ">=8"
+        "node": ">=20"
+      },
+      "funding": {
+        "url": "https://github.com/sponsors/sindresorhus"
+      }
+    },
+    "node_modules/p-event/node_modules/p-timeout": {
+      "version": "6.1.4",
+      "resolved": "https://registry.npmjs.org/p-timeout/-/p-timeout-6.1.4.tgz",
+      "integrity": "sha512-MyIV3ZA/PmyBN/ud8vV9XzwTrNtR4jFrObymZYnZqMmW0zA8Z17vnT0rBgFE/TlohB+YCHqXMgZzb3Csp49vqg==",
+      "license": "MIT",
+      "engines": {
+        "node": ">=14.16"
       },
       "funding": {
         "url": "https://github.com/sponsors/sindresorhus"
@@ -41393,7 +41406,7 @@
         "@types/debug": "^4.1.12",
         "debug": "^4.4.3",
         "hyperid": "^3.3.0",
-        "p-event": "^4.2.0",
+        "p-event": "^7.0.0",
         "tslib": "^2.8.1",
         "uuid": "^11.1.0"
       },
diff --git a/packages/context/package.json b/packages/context/package.json
index df3ce7636a41..d318f60bf31c 100644
--- a/packages/context/package.json
+++ b/packages/context/package.json
@@ -47,7 +47,7 @@
     "@types/debug": "^4.1.12",
     "debug": "^4.4.3",
     "hyperid": "^3.3.0",
-    "p-event": "^4.2.0",
+    "p-event": "^7.0.0",
     "tslib": "^2.8.1",
     "uuid": "^11.1.0"
   },