25 Sep 2018

NAB response to ASIC review into breach reporting and remediation

NAB Group Chief Risk Officer, David Gall, has today responded to the release of ASIC’s industry review into breach reporting.

Mr Gall said NAB took its breach reporting obligations seriously and has been implementing improvements to the processes around identification, response and remediation of breaches.

”We want to be better for our customers. In recent years, NAB has worked hard to identify and investigate historical events as well as to improve the processes and systems supporting breach management.

“Since 2016, we have seen a reduction in late breach reporting to ASIC, with zero significant breaches being reported outside the 10 business day timeframe for 2018.

“While we are making progress, there have been instances where it has taken us longer than we would have liked to find and fix issues and remediate customers.

“There is clearly more to do. Recently we established a new centre for customer remediation which will ensure that impacted customers are compensated more quickly.

“We are committed to continuing our work with ASIC to improve breach reporting standards and rebuild customer trust in our bank.”

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