diff --git a/examples/socketio/package.json b/examples/socketio/package.json
index f2e084d1a59c..8a127eb07f18 100644
--- a/examples/socketio/package.json
+++ b/examples/socketio/package.json
@@ -57,7 +57,7 @@
     "@loopback/rest-explorer": "^8.0.16",
     "@loopback/socketio": "^0.9.16",
     "debug": "^4.4.3",
-    "p-event": "^4.2.0",
+    "p-event": "^7.1.1",
     "tslib": "^2.8.1"
   },
   "devDependencies": {
diff --git a/extensions/socketio/package.json b/extensions/socketio/package.json
index 550a216398b7..df6da5adbf04 100644
--- a/extensions/socketio/package.json
+++ b/extensions/socketio/package.json
@@ -61,7 +61,7 @@
     "@loopback/eslint-config": "^16.0.1",
     "@loopback/testlab": "^8.0.15",
     "@types/debug": "^4.1.13",
-    "p-event": "^4.2.0",
+    "p-event": "^7.1.1",
     "socket.io-client": "^4.8.3"
   }
 }
diff --git a/package-lock.json b/package-lock.json
index dcb6b1fa4702..7611653533f7 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1172,7 +1172,7 @@
         "@loopback/rest-explorer": "^8.0.16",
         "@loopback/socketio": "^0.9.16",
         "debug": "^4.4.3",
-        "p-event": "^4.2.0",
+        "p-event": "^7.1.1",
         "tslib": "^2.8.1"
       },
       "devDependencies": {
@@ -1975,7 +1975,7 @@
         "@loopback/eslint-config": "^16.0.1",
         "@loopback/testlab": "^8.0.15",
         "@types/debug": "^4.1.13",
-        "p-event": "^4.2.0",
+        "p-event": "^7.1.1",
         "socket.io-client": "^4.8.3"
       },
       "engines": {
@@ -28425,14 +28425,27 @@
       }
     },
     "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": "7.1.1",
+      "resolved": "https://registry.npmjs.org/p-event/-/p-event-7.1.1.tgz",
+      "integrity": "sha512-T629EpxCTho6yxIZz2dFZwMkyWUM5jh/0h1+u/Xo4+Fllu0DuKQF6ghqIgSWVTluIvHSXL+XBRScH+E+y9TQ0g==",
+      "license": "MIT",
       "dependencies": {
-        "p-timeout": "^3.1.0"
+        "p-timeout": "^7.0.1"
       },
       "engines": {
-        "node": ">=8"
+        "node": ">=20"
+      },
+      "funding": {
+        "url": "https://github.com/sponsors/sindresorhus"
+      }
+    },
+    "node_modules/p-event/node_modules/p-timeout": {
+      "version": "7.0.2",
+      "resolved": "https://registry.npmjs.org/p-timeout/-/p-timeout-7.0.2.tgz",
+      "integrity": "sha512-prbX4Z3YszrFNgH+MW5Zoeq3baXrMtP/MQnFeET90UB/GtGcGDQ5Usg9OCy6ETjTTntOw1SL2z9fMPUppN3Guw==",
+      "license": "MIT",
+      "engines": {
+        "node": ">=20"
       },
       "funding": {
         "url": "https://github.com/sponsors/sindresorhus"
@@ -40451,7 +40464,7 @@
         "@types/debug": "^4.1.13",
         "debug": "^4.4.3",
         "hyperid": "^3.3.0",
-        "p-event": "^4.2.0",
+        "p-event": "^7.1.1",
         "tslib": "^2.8.1",
         "uuid": "^14.0.2"
       },
diff --git a/packages/context/package.json b/packages/context/package.json
index 61507758317a..1a9f23374597 100644
--- a/packages/context/package.json
+++ b/packages/context/package.json
@@ -47,7 +47,7 @@
     "@types/debug": "^4.1.13",
     "debug": "^4.4.3",
     "hyperid": "^3.3.0",
-    "p-event": "^4.2.0",
+    "p-event": "^7.1.1",
     "tslib": "^2.8.1",
     "uuid": "^14.0.2"
   },