This note presents an updated search with the ATLAS experiment for the Standard Model Higgs boson produced in association with a $W$ or $Z$ boson and decaying to $b\bar{b}$ using 4.7~\ifb\ of LHC proton-proton data at \SevenTeV\ and 13.0~\ifb\ at \EightTeV. The search is performed using events containing zero, one or two electrons or muons targeting the three decay modes \vvbb, \lvbb and $ZH \to \ell^+\ell^- b\bar{b}$. No significant excess is observed. For $m_H = 125$~GeV, the observed (expected) upper 95\% confidence level limit on the cross section times the branching ratio is found to be 1.8 (1.9) times the Standard Model prediction. A Standard Model Higgs boson with $m_H = 110$~GeV is excluded. As a validation of the analysis procedure, the production of diboson pairs, $WZ$ and $ZZ$, with a $Z$ boson decaying to $b\bar{b}$, has been observed with a significance of 4.0 standard deviations and a rate compatible with the Standard Model expectation.

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