Tried to update the BIOS/FW but it fails and I see the following in the system event log:
Out-of-band update failure - Update from BMC failed - Minor Error:Update capsule has invalid SVN - Asserted
On Intel® Server M50CYP/D50TNP, BIOS and BMC firmware have a Security Version Number (SVN). This SVN can be determined in the release notes with each release.
Additional steps are required when flashing a system firmware with a different SVN; otherwise, the update will fail with an invalid SVN event recorded in the System Event Log
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When flashing a system firmware with a different SVN, the backup/recovery region must be updated in addition to the active region.
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In case of downgrading to a version with a lower SVN, the respective jumper/switch must be configured before the firmware flash:
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Choose one of the following methods and follow the steps to flash both the backup and active region.
From EFI shell:
From BMC Web Console (EWS):

From remote system using Redfish*:
This process can be found in the product-related Technical Product Specifications: Self-Help Collection of Technical Product Specifications for Intel® Server Products