Sim, o comando
yum update openssl
atualizará o pacote openssl para o mais recente disponível para sua versão de distribuição.
update If run without any packages, update will update every currently installed package. If one or more packages or package globs are specified, Yum will only update the listed packages. While updating packages, yum will ensure that all dependencies are satisfied. (See Specify- ing package names for more information) If the packages or globs specified match to pack- ages which are not currently installed then update will not install them. update operates on groups, files, provides and filelists just like the "install" command.