As cooperatives in Asia and the Pacific continue their transition from manual operations to integrated digital systems, the need to safeguard data and preserve the trust of members has become more urgent than ever. In recognition of this, and as part of the International Year of Cooperatives (IYC) 2025 celebrations, the ICA-AP, through its Committee on Credit and Banking (ICCB), organized a webinar on “Cybersecurity for Credit Cooperatives: Protecting Trust in the Digital Age.” The event was held in collaboration with the Uralungal Labour Contract Cooperative Society (ULCCS), India, and its technology subsidiary UL Technology Solutions (ULTS).

The initiative was led by Ms. Sreeja Murali, Co-Secretary of the ICCB, who initiated the discussion and emphasized the shared responsibility of cooperatives in building secure and trustworthy digital systems. The event reflected the ICCB’s ongoing commitment to strengthening the governance, resilience, and readiness of cooperative financial institutions across the region.

A Conversation Rooted in Trust

Ms. Sreeja Murali reminded participants that trust has always been the cornerstone of the cooperative movement. As financial cooperatives increasingly adopt online and cloud-based systems, she observed, maintaining this trust requires an equal focus on digital responsibility. Cybersecurity is no longer an isolated technical issue but an integral part of cooperative governance and leadership, she said.

Mr. K. K. Ravindran, Chairperson of the ICCB, welcomed participants and reiterated the committee’s vision to create platforms for practical learning and dialogue on emerging challenges such as digital transformation, compliance, and technology governance.

Cybersecurity as Cooperative Leadership

The keynote speaker, Mr. Harikrishnan R, Chief Information Officer at UL Technology Solutions, brought a wealth of experience in digital transformation and cybersecurity for cooperative enterprises. His presentation illustrated how cyberattacks have become a global threat affecting both private and cooperative sectors. He referred to recent ransomware incidents that had disrupted organizations ranging from the UK’s Co-operative Group to the Dairy Farmers of America. These examples show that the cost of a breach extends beyond financial loss and includes the erosion of reputation and faith built over generations.

“Member data represents the credibility of a cooperative,” he stated. “Protecting that data is equal to protecting the identity and dignity of members.”

Mr. Harikrishnan stressed that cybersecurity must be embedded in the cooperative culture. Every employee, manager, and board member has a role in ensuring that systems, networks, and people remain resilient. He also pointed out that while rural cooperatives are often taking their first steps into the digital ecosystem, urban cooperatives are already operating on advanced digital and cloud platforms. Despite their different levels of digital maturity, both face common vulnerabilities and therefore require collective and coordinated responses.

Artificial Intelligence and the New Frontier of Trust

The session examined the emerging role of artificial intelligence (AI) in cybersecurity. Mr. Harikrishnan explained that AI can strengthen fraud detection and predictive monitoring, yet it also introduces new risks such as deepfakes, identity theft, and the spread of misinformation. He urged cooperative leaders to use technology responsibly and to maintain human oversight in automated systems. Responsible innovation, he said, should always respect data ethics and transparency, and must be guided by cooperative values.

“Technology empowers us only when it is ethical and secure,” he observed, noting that the cooperative sector is uniquely positioned to demonstrate how innovation can be people-centred and value-driven.

Practical Measures for Cooperative Resilience

Mr. Praveen Chenoth, Cybersecurity Specialist at ULTS, complemented the presentation with a practical framework for action. He advised cooperatives to establish clear information security policies and to form small committees responsible for monitoring IT and cybersecurity matters. Regular vulnerability assessments, phishing simulations, and timely system updates were highlighted as essential preventive steps.

He also recommended that cooperatives implement multi-factor authentication for all users, encrypt data both at rest and in transit, and maintain secure offline backups that are tested regularly. He noted, smaller cooperatives can use shared or managed security services offered by national federations or utilize secure cloud solutions that provide built-in protection at a lower cost.

At the governance level, Mr. Chenoth encouraged boards of directors to integrate cybersecurity into their regular agenda, to request periodic reports from management, and to nominate a board-level digital trust or risk champion. He emphasized that even non-technical leaders can strengthen oversight by ensuring that cybersecurity is viewed as part of enterprise risk management and good governance.

Commitment and Next Steps

In his closing remarks, Mr. Naveen Kumar Singh, Secretary of ICCB, thanked ULCCS and ULTS for their collaboration and the ICCB Chairperson and Vice-chairperson for their leadership. He outlined a series of practical steps for participating organizations, including reviewing their cybersecurity posture, implementing data backup plans, ensuring all software and antivirus systems are updated, and scheduling awareness sessions for staff. He also encouraged each cooperative to nominate a digital trust champion, verify vendor certifications, and introduce two-factor authentication for all applications.

The discussion closed with a shared understanding that cybersecurity is not merely about protecting systems but about preserving trust, inclusion, and integrity. By embedding digital trust into their governance frameworks and by fostering awareness at every level, cooperatives can lead confidently into the digital future.

As Ms. Murali concluded, “When cooperatives protect their members’ data, they protect their dignity. Digital trust will define the strength of our cooperative identity in the years ahead.”

Through initiatives such as this webinar, the ICCB continues to empower cooperatives to be not only digitally connected but also digitally secure and trusted.