diff --git a/community/cloudflared/1.1.6/templates/_persistance.tpl b/community/cloudflared/1.1.6/templates/_persistance.tpl
deleted file mode 100644
index 7fa83eb5b3..0000000000
--- a/community/cloudflared/1.1.6/templates/_persistance.tpl
+++ /dev/null
@@ -1,28 +0,0 @@
-{{- define "cloudflared.persistence" -}}
-persistence:
-  {{- range $idx, $storage := .Values.cloudflaredStorage.additionalStorages }}
-  {{ printf "cloudflared-%v" (int $idx) }}:
-    {{- $size := "" -}}
-    {{- if $storage.size -}}
-      {{- $size = (printf "%vGi" $storage.size) -}}
-    {{- end }}
-    enabled: true
-    type: {{ $storage.type }}
-    datasetName: {{ $storage.datasetName | default "" }}
-    hostPath: {{ $storage.hostPath | default "" }}
-    server: {{ $storage.server | default "" }}
-    share: {{ $storage.share | default "" }}
-    domain: {{ $storage.domain | default "" }}
-    username: {{ $storage.username | default "" }}
-    password: {{ $storage.password | default "" }}
-    size: {{ $size }}
-    {{- if eq $storage.type "smb-pv-pvc" }}
-    mountOptions:
-      - key: noperm
-    {{- end }}
-    targetSelector:
-      cloudflared:
-        cloudflared:
-          mountPath: {{ $storage.mountPath }}
-  {{- end }}
-{{- end -}}
diff --git a/community/cloudflared/1.1.6/Chart.lock b/community/cloudflared/1.2.0/Chart.lock
similarity index 100%
rename from community/cloudflared/1.1.6/Chart.lock
rename to community/cloudflared/1.2.0/Chart.lock
diff --git a/community/cloudflared/1.1.6/Chart.yaml b/community/cloudflared/1.2.0/Chart.yaml
similarity index 98%
rename from community/cloudflared/1.1.6/Chart.yaml
rename to community/cloudflared/1.2.0/Chart.yaml
index c51fdf71a9..1a67855023 100644
--- a/community/cloudflared/1.1.6/Chart.yaml
+++ b/community/cloudflared/1.2.0/Chart.yaml
@@ -3,7 +3,7 @@ description: Cloudflared is a client for Cloudflare Tunnel, a daemon that expose
 annotations:
   title: Cloudflared
 type: application
-version: 1.1.6
+version: 1.2.0
 apiVersion: v2
 appVersion: 2023.10.0
 kubeVersion: '>=1.16.0-0'
diff --git a/community/cloudflared/1.1.6/README.md b/community/cloudflared/1.2.0/README.md
similarity index 100%
rename from community/cloudflared/1.1.6/README.md
rename to community/cloudflared/1.2.0/README.md
diff --git a/community/cloudflared/1.1.6/app-readme.md b/community/cloudflared/1.2.0/app-readme.md
similarity index 100%
rename from community/cloudflared/1.1.6/app-readme.md
rename to community/cloudflared/1.2.0/app-readme.md
diff --git a/community/cloudflared/1.1.6/charts/common-1.2.5.tgz b/community/cloudflared/1.2.0/charts/common-1.2.5.tgz
similarity index 100%
rename from community/cloudflared/1.1.6/charts/common-1.2.5.tgz
rename to community/cloudflared/1.2.0/charts/common-1.2.5.tgz
diff --git a/community/cloudflared/1.1.6/ci/basic-values.yaml b/community/cloudflared/1.2.0/ci/basic-values.yaml
similarity index 100%
rename from community/cloudflared/1.1.6/ci/basic-values.yaml
rename to community/cloudflared/1.2.0/ci/basic-values.yaml
diff --git a/community/cloudflared/1.1.6/ci/hostNet-values.yaml b/community/cloudflared/1.2.0/ci/hostNet-values.yaml
similarity index 70%
rename from community/cloudflared/1.1.6/ci/hostNet-values.yaml
rename to community/cloudflared/1.2.0/ci/hostNet-values.yaml
index 27f6102b88..8af70132f1 100644
--- a/community/cloudflared/1.1.6/ci/hostNet-values.yaml
+++ b/community/cloudflared/1.2.0/ci/hostNet-values.yaml
@@ -3,8 +3,7 @@ cloudflaredNetwork:
 
 cloudflaredStorage:
   additionalStorages:
-  - type: hostPath
-    hostPath: /mnt/{{ .Release.Namespace }}/data1
+  - type: pvc
     mountPath: /data1
 
 cloudflaredConfig:
diff --git a/community/cloudflared/1.1.6/ix_values.yaml b/community/cloudflared/1.2.0/ix_values.yaml
similarity index 100%
rename from community/cloudflared/1.1.6/ix_values.yaml
rename to community/cloudflared/1.2.0/ix_values.yaml
diff --git a/community/cloudflared/1.1.6/metadata.yaml b/community/cloudflared/1.2.0/metadata.yaml
similarity index 100%
rename from community/cloudflared/1.1.6/metadata.yaml
rename to community/cloudflared/1.2.0/metadata.yaml
diff --git a/community/cloudflared/1.2.0/migrations/migrate b/community/cloudflared/1.2.0/migrations/migrate
new file mode 100755
index 0000000000..eadaba7f5e
--- /dev/null
+++ b/community/cloudflared/1.2.0/migrations/migrate
@@ -0,0 +1,65 @@
+#!/usr/bin/python3
+import json
+import os
+import sys
+
+
+def storage_migrate(storage):
+    delete_keys = []
+    if storage['type'] == 'hostPath':
+        # Check if the key exists, if not we have already migrated
+        if not storage.get('hostPath'):
+            return storage
+
+        storage['hostPathConfig'] = {'hostPath': storage['hostPath']}
+        delete_keys.append('hostPath')
+
+    elif storage['type'] == 'ixVolume':
+        # Check if the key exists, if not we have already migrated
+        if not storage.get('datasetName'):
+            return storage
+
+        storage['ixVolumeConfig'] = {'datasetName': storage['datasetName']}
+        delete_keys.append('datasetName')
+
+    elif storage['type'] == 'smb-pv-pvc':
+        # Check if the key exists, if not we have already migrated
+        if not storage.get('server'):
+            return storage
+
+        storage['smbConfig'] = {
+            'server': storage['server'],
+            'share': storage['share'],
+            'domain': storage['domain'],
+            'username': storage['username'],
+            'password': storage['password'],
+            'size': storage['size'],
+        }
+        delete_keys.extend(['server', 'share', 'domain', 'username', 'password', 'size'])
+
+    for key in delete_keys:
+        storage.pop(key, None)
+
+    return storage
+
+
+def migrate(values):
+    storage_key = 'cloudflaredStorage'
+
+    additionalStorages = values.get(storage_key, {}).get('additionalStorages', [])
+    for idx, storage in enumerate(additionalStorages):
+        if not isinstance(storage, dict) or not storage:
+            raise Exception(f'Item {idx} in additionalStorages is malformed')
+
+        values[storage_key]['additionalStorages'][idx] = storage_migrate(storage)
+
+    return values
+
+
+if __name__ == '__main__':
+    if len(sys.argv) != 2:
+        exit(1)
+
+    if os.path.exists(sys.argv[1]):
+        with open(sys.argv[1], 'r') as f:
+            print(json.dumps(migrate(json.loads(f.read()))))
diff --git a/community/cloudflared/1.1.6/questions.yaml b/community/cloudflared/1.2.0/questions.yaml
similarity index 59%
rename from community/cloudflared/1.1.6/questions.yaml
rename to community/cloudflared/1.2.0/questions.yaml
index 9f18318cbd..d8b08a2078 100644
--- a/community/cloudflared/1.1.6/questions.yaml
+++ b/community/cloudflared/1.2.0/questions.yaml
@@ -138,74 +138,119 @@ questions:
                             description: ixVolume (Dataset created automatically by the system)
                           - value: "smb-pv-pvc"
                             description: SMB Share (Mounts a persistent volume claim to a SMB share)
+                    - variable: readOnly
+                      label: Read Only
+                      description: Mount the volume as read only.
+                      schema:
+                        type: boolean
+                        default: false
                     - variable: mountPath
                       label: Mount Path
                       description: The path inside the container to mount the storage.
                       schema:
                         type: path
                         required: true
-                    - variable: hostPath
-                      label: Host Path
-                      description: The host path to use for storage.
+                    - variable: hostPathConfig
+                      label: Host Path Configuration
                       schema:
-                        type: hostpath
+                        type: dict
                         show_if: [["type", "=", "hostPath"]]
-                        required: true
-                    - variable: datasetName
-                      label: Dataset Name
-                      description: The name of the dataset to use for storage.
+                        attrs:
+                          - variable: aclEnable
+                            label: Enable ACL
+                            description: Enable ACL for the dataset.
+                            schema:
+                              type: boolean
+                              default: false
+                          - variable: acl
+                            label: ACL Configuration
+                            schema:
+                              type: dict
+                              show_if: [["aclEnable", "=", true]]
+                              attrs: []
+                              $ref:
+                                - "normalize/acl"
+                          - variable: hostPath
+                            label: Host Path
+                            description: The host path to use for storage.
+                            schema:
+                              type: hostpath
+                              show_if: [["aclEnable", "=", false]]
+                              required: true
+                    - variable: ixVolumeConfig
+                      label: ixVolume Configuration
+                      description: The configuration for the ixVolume dataset.
                       schema:
-                        type: string
+                        type: dict
                         show_if: [["type", "=", "ixVolume"]]
-                        required: true
-                        immutable: true
-                        default: "storage_entry"
                         $ref:
                           - "normalize/ixVolume"
-                    - variable: server
-                      label: Server
-                      description: The server for the SMB share.
+                        attrs:
+                          - variable: aclEnable
+                            label: Enable ACL
+                            description: Enable ACL for the dataset.
+                            schema:
+                              type: boolean
+                              default: false
+                          - variable: datasetName
+                            label: Dataset Name
+                            description: The name of the dataset to use for storage.
+                            schema:
+                              type: string
+                              required: true
+                              immutable: true
+                              default: "storage_entry"
+                          - variable: aclEntries
+                            label: ACL Configuration
+                            schema:
+                              type: dict
+                              show_if: [["aclEnable", "=", true]]
+                              attrs: []
+                    - variable: smbConfig
+                      label: SMB Share Configuration
+                      description: The configuration for the SMB Share.
                       schema:
-                        type: string
+                        type: dict
                         show_if: [["type", "=", "smb-pv-pvc"]]
-                        required: true
-                    - variable: share
-                      label: Share
-                      description: The share name for the SMB share.
-                      schema:
-                        type: string
-                        show_if: [["type", "=", "smb-pv-pvc"]]
-                        required: true
-                    - variable: domain
-                      label: Domain (Optional)
-                      description: The domain for the SMB share.
-                      schema:
-                        type: string
-                        show_if: [["type", "=", "smb-pv-pvc"]]
-                    - variable: username
-                      label: Username
-                      description: The username for the SMB share.
-                      schema:
-                        type: string
-                        show_if: [["type", "=", "smb-pv-pvc"]]
-                        required: true
-                    - variable: password
-                      label: Password
-                      description: The password for the SMB share.
-                      schema:
-                        type: string
-                        show_if: [["type", "=", "smb-pv-pvc"]]
-                        required: true
-                        private: true
-                    - variable: size
-                      label: Size (in Gi)
-                      description: The size of the volume quota.
-                      schema:
-                        type: int
-                        show_if: [["type", "=", "smb-pv-pvc"]]
-                        required: true
-                        min: 1
-                        default: 1
+                        attrs:
+                          - variable: server
+                            label: Server
+                            description: The server for the SMB share.
+                            schema:
+                              type: string
+                              required: true
+                          - variable: share
+                            label: Share
+                            description: The share name for the SMB share.
+                            schema:
+                              type: string
+                              required: true
+                          - variable: domain
+                            label: Domain (Optional)
+                            description: The domain for the SMB share.
+                            schema:
+                              type: string
+                          - variable: username
+                            label: Username
+                            description: The username for the SMB share.
+                            schema:
+                              type: string
+                              required: true
+                          - variable: password
+                            label: Password
+                            description: The password for the SMB share.
+                            schema:
+                              type: string
+                              required: true
+                              private: true
+                          - variable: size
+                            label: Size (in Gi)
+                            description: The size of the volume quota.
+                            schema:
+                              type: int
+                              required: true
+                              min: 1
+                              default: 1
 
   - variable: resources
     group: Resources Configuration
diff --git a/community/cloudflared/1.1.6/templates/NOTES.txt b/community/cloudflared/1.2.0/templates/NOTES.txt
similarity index 100%
rename from community/cloudflared/1.1.6/templates/NOTES.txt
rename to community/cloudflared/1.2.0/templates/NOTES.txt
diff --git a/community/cloudflared/1.1.6/templates/_cloudflared.tpl b/community/cloudflared/1.2.0/templates/_cloudflared.tpl
similarity index 80%
rename from community/cloudflared/1.1.6/templates/_cloudflared.tpl
rename to community/cloudflared/1.2.0/templates/_cloudflared.tpl
index a03966630b..7db6178472 100644
--- a/community/cloudflared/1.1.6/templates/_cloudflared.tpl
+++ b/community/cloudflared/1.2.0/templates/_cloudflared.tpl
@@ -52,4 +52,10 @@ workload:
               enabled: false
             startup:
               enabled: false
+      initContainers:
+      {{- include "ix.v1.common.app.permissions" (dict "containerName" "01-permissions"
+                                                        "UID" .Values.cloudflaredRunAs.user
+                                                        "GID" .Values.cloudflaredRunAs.group
+                                                        "mode" "check"
+                                                        "type" "install") | nindent 8 }}
 {{- end -}}
diff --git a/community/cloudflared/1.2.0/templates/_persistance.tpl b/community/cloudflared/1.2.0/templates/_persistance.tpl
new file mode 100644
index 0000000000..f3d1efd74a
--- /dev/null
+++ b/community/cloudflared/1.2.0/templates/_persistance.tpl
@@ -0,0 +1,27 @@
+{{- define "cloudflared.persistence" -}}
+persistence:
+  {{- range $idx, $storage := .Values.cloudflaredStorage.additionalStorages }}
+  {{ printf "cloudflared-%v:" (int $idx) }}
+    enabled: true
+    {{- include "cloudflared.storage.ci.migration" (dict "storage" $storage) }}
+    {{- include "ix.v1.common.app.storageOptions" (dict "storage" $storage) | nindent 4 }}
+    targetSelector:
+      cloudflared:
+        cloudflared:
+          mountPath: {{ $storage.mountPath }}
+        {{- if and (eq $storage.type "ixVolume") (not ($storage.ixVolumeConfig | default dict).aclEnable) }}
+        01-permissions:
+          mountPath: /mnt/directories{{ $storage.mountPath }}
+        {{- end }}
+  {{- end }}
+{{- end -}}
+
+{{/* TODO: Remove on the next version bump, eg 1.2.0+ */}}
+{{- define "cloudflared.storage.ci.migration" -}}
+  {{- $storage := .storage -}}
+
+  {{- if $storage.hostPath -}}
+    {{- $_ := set $storage "hostPathConfig" dict -}}
+    {{- $_ := set $storage.hostPathConfig "hostPath" $storage.hostPath -}}
+  {{- end -}}
+{{- end -}}
diff --git a/community/cloudflared/1.1.6/templates/common.yaml b/community/cloudflared/1.2.0/templates/common.yaml
similarity index 100%
rename from community/cloudflared/1.1.6/templates/common.yaml
rename to community/cloudflared/1.2.0/templates/common.yaml