Business Protection News

New & emerging risks

We're happy to present Business Protection News (formerly known as P&C Minute). Every other month, the Corporate Property & Casualty Consultant team will briefly tell you about new and emerging risks, how to use your policy, and much more.

The potential impacts or working remotely or in a hybrid work arrangement

As a result of the increased availability and desirability of remote work arrangements, employers must consider potential impacts to their operations and risks that they may not have previously considered. One potential impact relates to workers compensation and employees working remotely or in a hybrid work arrangement.

In case you missed it

Here are a few resources to provide you with actionable insight and proven risk mitigation guidance to help you stay on top of emerging risks.

Webinars and education

• On-demand office hours: Improving Your Vendor Oversight — Different partner and vendor services create different kinds of risk. And due diligence and oversight can involve many steps depending on the risk of each third-party or sub-level vendor relationship. This session highlighted the importance of continuous oversight and monitoring potential risks of third-party relationships.
  Presentation | Recording

Risk management resources:

Additional resources to help you manage the complex array of ever-changing risks.

• Vendor management risk overview — Organizations today are not simply comprised of one internal team. Organizations, small and large alike, collaborate with partners, vendors, and other third parties. While you can outsource the service; remember, you still own the responsibility of this critical business practice. Read overview²
• Vendor contract risk overview & checklist — When forming third party relationships or maintaining existing ones, you must ensure you understand the vendor contract and how the vendor will represent your organization and manage organizational resources on your behalf. Read overview²
• Third-party vendor cyber incidents risk overview — Cybersecurity risks remain a significant, persistent, and ever-evolving threat. In fact, third-party & fourth-party vendor or supply chain incidents continue to impact credit unions. The disruption and costs to identify and resolve these incidents — along with the operational downtime and resource impact for your organization — can be staggering. Read overview²
• When members become victims of fraud — Using common channels like emails, text, phone calls, and even face-to-face interactions, fraudsters disguise their identity to catch your members off-guard and to dupe them into making security mistakes or giving away sensitive information and money. Encourage your employees to use this interactive training module to learn how to better assist your members in these difficult times. Access Training

RISK Alerts:

Recent alerts issued about risks impacting credit unions across the country.

• CISA warns of ongoing cyber threats to critical infrastructures — CISA recently issued an advisory warning of the ongoing threat to critical infrastructure across multiple sectors, including financial institutions. Cyber actors have increased aggressive threats with aims of disruption or destruction of critical services to compromise critical American infrastructure, including FIs in the event of increased geopolitical tensions and/or military conflict with the United States. View alert²
• Credit unions experience losses associated with VIN cloning — VIN cloning happens when a Vehicle Identification Number (VIN) is stolen from a legitimate vehicle and attached to another vehicle, which is typically stolen. This fraudulent practice conceals the real VIN of the stolen vehicle, essentially giving it a fake ID. The result is two cars on the road with the same VIN. View alert²
• Loan delinquency drives risk exposure — Delinquent loans continue to be on the rise at financial institutions across the United States. In fact, the NCUA reported that the auto loan delinquency rate increased 21 basis points over the year to 79 basis points in the first quarter of 2024. This trend can pose additional risks — such as improper collection efforts, potential for damaged collateral, etc. — for the financial institutions and now might be a smart time to revisit your risk management practices related to collateralized loans and collections. View alert²

Artificial intelligence and potential threats regarding Cyber Liability Coverage

Did you know that an estimated 3.4 billion spam emails are sent each day?¹ On this episode of Business Protection News, learn more about Artificial Intelligence (or AI for short) and potential threats regarding Cyber Liability coverage. AI technology enables more sophisticated phishing attempts that are hard to uncover, but there are steps you can take to mitigate these risks.

How employee’s insurance and the credit union’s business auto policy work together

This episode of Business Protection News focuses on how the employee’s insurance and the credit union’s business auto policy work together when employees are driving their personal vehicles for credit union business.

Technology-based programs to manage and streamline day to day requests

We strive to provide your credit union with technology-based programs to manage and streamline your day to day requests which helps to stay on top of demanding verification needs. You can submit Certificate of Insurance requests, add, or change locations, file a claim and so much more online! Smart Forms, more formally known as Online Interactive Forms, is one great feature we offer at TruStage.