NAB (National Australia Bank) has highlighted the resilience benefits gained from its cloud migration and unspecified “service improvements,” showcasing a 17% reduction in “critical” and “high” rated incidents year-on-year.
In the formal section of NAB’s FY23 annual results, technology details were limited, with more comprehensive information found in presentation appendices. Unlike the previous year, which focused on “strong foundations,” this year’s emphasis is on what these foundations have enabled the bank to achieve.
NAB particularly underscores resilience, citing a 99.89% “average availability” across its top 47 critical services and a 17% year-on-year reduction in critical and high-rated incidents, although there is no comparative data provided.
Over a five-year period, there seems to be a slight change in performance. Last year’s full-year results reported an 86% reduction in high and critical incidents since FY18, but the current report states an 83% reduction. This adjustment is attributed to incomplete FY23 data, excluding performance results for Bank of New Zealand (BNZ), which are yet to be finalized.
Regarding cloud migration, NAB states that 77% of its apps have been migrated, targeting 83% by the end of FY24. Despite previous contemplation of changing the measure of progress on cloud migration, the bank has maintained the focus on the number of apps migrated in its financial reporting.
NAB also claims a more than 50% reduction in the “time to contain cyber threats” against its infrastructure and environment since FY19, crediting this improvement to “significant non-discretionary investment in cyber security capability and technology risk reduction.”
The bank reported a 7.6% increase in statutory net profit to $7.4 billion and cash earnings of $7.7 billion.
