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.

Insights on risk mitigation

July 2025

With access to actionable, educational insights, relevant resources and risk mitigation guidance, you and your credit union can rise above your risk. In case you missed it, here are some resources to help you stay on top of emerging risks.

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 webinar: Employment Practice Risk Trends — Keeping ahead of the complex array of ever-changing employment practices and HR risks is critical with the changes in today’s workplace. Listen in as special guest attorney Jack McCalmon addresses employment practice risks related to retaliation, artificial intelligence, flexible work arrangements, social media use and other litigation trends, as well as steps you should take to minimize your employment practices exposure.
  Attendee feedback included:
  
  • “Appreciate attorney speakers that share industry trends they are experiencing.” (Compliance at $4+ billion CU)
  • “Presenters were to the point and very knowledgeable.” (Human Resources at $2+ billion CU)
  
  Employment Practices risk management hub
  A one-stop resource center at www.epl-risk.com that provides practical, timely and actionable insights, resources, model policies/procedures and employee training modules to help you and your staff stay on top of current workplace issues, legislation, litigation and employment trends.
  
  If you’re carrying Employment Practices Liability coverage as part of the TruStage™ Management & Professional Liability policy, access the epl-risk.com quick start registration & reference guide to learn more about this valuable resource.
  
  Presentation | Recording

RISK Alerts:

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

• Serial plaintiff looks to exploit compliance vulnerabilities — Credit unions have long been the victim of litigation filed by common plaintiffs focused on regulatory non-compliance and disruption of services. These nuisance lawsuits can be expensive, time consuming and damaging to the credit union’s reputation. A recent example includes a plaintiff who is a member of a number of credit unions across the country and has established residence in at least two states. View alert¹
• Cybersecurity Spotlight: Deepfakes & Fraudulent Instruction — A significant challenge facing financial institutions is that methods commonly used to minimize fraud, such as phone or video calls, are now used by criminals to perpetrate fraudulent instruction scams using artificial intelligence (AI) and deepfakes. Listen in to this audio update (10 minutes, 6 seconds) as TruStage Risk & Compliance Solutions Senior Risk Consultant, Ken Otsuka, shares insights and actionable steps that you should take to minimize these risks. Listen to update
• Advancements & risks in AI, robotics, surveillance and physical security — Artificial intelligence (AI), along with robotics, is emerging as a game-changer, empowering organizations to enhance threat detection, optimize surveillance systems and mitigate workplace safety risks more effectively. However, while these tools can transform how you safeguard your physical surroundings, there are also potential implications and questions that your organization must consider and address. View alert¹
• Account takeovers: What’s in the fraudsters’ toolbox? — Credit union members from coast-to-coast continue to be victimized in sophisticated social engineering scams designed to obtain their online banking login credentials. Multiple credit unions have reported severe account takeover fraud losses with many losses ranging from mid-six figures to low-seven figures with as many as 1,500 members impacted. To achieve this scale, fraudsters will use automated tools that can be purchased on the dark web. View alert¹
• Vishing attacks look to target vulnerable employees — Cyberattacks are escalating in speed, volume and sophistication. And as you work to strengthen your defense and shut down vulnerabilities, fraudsters continue to look for weaknesses — especially looking for employees that are most susceptible to social engineering tactics involving phishing, smishing and vishing. Vishing (voice phishing attacks) have skyrocketed to compromise the credentials of employees so fraudsters can move throughout an organization while evading detection by operating as a legitimate user. View alert¹

Everybody is a risk manager

May 2025

Your employees are often the first to identify fraudulent activity, making them your credit union’s first line of defense.

Understanding the methods by which fraud, crime and other losses occur is important for all credit union employees. In fact, knowing how they can efficiently identify, interrupt and respond to risks early on can help reduce the impact and duration of a potential loss.

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Insights on flood protection

March 2025

Flooding is one of the most common and costly natural disasters in the U.S., causing more than $5 billion in damage nationwide each year. And, it often happens in low- and moderate-flood risk areas.

Listen to why it is critical to identify flood risks at all credit union branch locations, foreclosed properties and even members' real estate loan collateral — so you can help safeguard your credit union and bottom-line results.

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Insights on emerging risks

January 2025

Usually when you think about risks, it’s emerging ones to be prepared for as they come around the corner. However, recently it has been the well-known risks that we are seeing credit unions get hit with six- and seven-figure losses. These well-known risks are related to variations of account takeovers, fraudulent checks, ATM jackpotting and more. Hear the latest on common risks that can affect your credit union’s bottom line.

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Insights on property protection

November 2024

The moment construction begins, a property is at risk for damage. The risks could include fire, theft, vandalism, windstorm, liability, or others. One common misstep is thinking that your credit union’s interests are always covered by your general contractor or builders, but they are not. To learn more about builder’s risk exposures, insurance protection, what’s covered and what’s not covered, or how to receive an insurance quote.

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Insights on cybersecurity protection

September 2024

Cybersecurity is one of the most dynamic risks for organizations to manage. The risks continue to rapidly evolve and the uncertainty of what’s next seems to get even harder to predict. Here are a few insights on cybersecurity protection and our recommendations on how to best manage them.

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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.