How to change Spring Boot starter dependency to newer version in Maven?

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I need to update library’s version to the latest because of vulnerability. For example, I have a starter (but it can be related not only to starter, it can be any library that relates on other libraries) in my pom.xml:

<dependency>
            <groupId>org.springframework.cloud</groupId>
            <artifactId>spring-cloud-starter-example</artifactId>
</dependency>

It has 2 libraries that I need to update: library-a and library-b.
For the first library I set version in properties, and it has updated in project:

<properties>
   <library-a.version>2.0</library-a.version>
</properties>

But for the second library this way didn’t help. So I excluded this library and imported a newer version:

        <dependency>
            <groupId>org.springframework.cloud</groupId>
            <artifactId>spring-cloud-starter-example</artifactId>
            <exclusions>
                *<exclusion>
                    <groupId>library-b</groupId>
                    <artifactId>library-b</artifactId>
                </exclusion>
            </exclusions>*
        </dependency>
        <dependency>
            <groupId>library-b</groupId>
            <artifactId>library-b</artifactId>
            <version>**2.0**</version>
        </dependency>

Is it the right way to update libraries (especially I am worrying about library-b)? What issues can I face? I am afraid that my application can catch some bugs because of this replacement.
Unit tests passed, the application works locally.

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