US, Israel Sign Deal To Combat Ransomware, Protect Critical Financial Infrastructure

Sampson Gideon August 24, 2022

1 minute read

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The U.S. Department of Treasury announced Sunday a partnership with Israel to help combat ransomware attacks.

In a press release, the federal agency said a bilateral task force has been formed to support financial technology innovations and cybersecurity.

It said the new initiative is part of the Biden administration’s efforts to accelerate international cooperation to counter ransomware.

Cooperative Relationships Drive Knowledge And Data Exchange

The U.S. Deputy Secretary of the Treasury and Israel’s Finance Minister agreed to set up a task force to support fintech innovation and cybersecurity last year.

Importantly, the new partnership will see the parties conduct a bilateral exercise later this year

The announcement followed the Counter-Ransomware Initiative meeting held virtually at the White House last October with the European Union and more than 30 countries, including Israel.

The MoU supports permissible information sharing related to the financial sector.

This, however, incorporates cybersecurity regulations and guidance, cybersecurity incidents, and cybersecurity threat intelligence.

Staff training and study visits to promote cooperation in the area of cybersecurity and the financial system.

Competency-building activities such as the conduct of cross-border cybersecurity exercises linked to global financial institutions’ financial and investment flows.

In addition, The Task Force will launch a series of expert technical exchanges on policy, regulation, and outreach to support fintech innovation that features robust cybersecurity protections.

More so, that can advance compliance with international standards on anti-money laundering, counter-terrorist financing, and countering the financing of proliferation.

Harnessing The Power Of International Cooperation

Harnessing both the power of international cooperation and of technology innovation will position us to support economic competitiveness, prosperity, and to combat global threats including ransomware, Adeyemo said.

As the global economy recovers and ransomware and other illicit finance threats present a grave challenge to Israel and the United States.

Heightened information exchanges, joint work, and collaboration on policy, regulation, and enforcement are critical to our economic and national security objectives.

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