US and Israel team up in major cybersecurity partnership

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The US and Israel have established a new bilateral partnership that will see the two countries working together to combat ransomware and other pressing cyber threats.

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This new partnership builds on the long-standing relationship between the US Treasury Department and Israel’s Ministry of Finance. In addition to working together to disrupt ransomware operations, the two countries will form a joint task force to address cyber security.

In a press release announcing the new partnership, Wally Adeyemo, Deputy Secretary of the Treasury, explained how the US and Israel will work together to protect the global economy from ransomware and cyberattacks, saying:

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“Using the power of both international cooperation and technology innovation will position us to support economic competitiveness, prosperity and combat global threats, including ransomware. As the global economy improves and ransomware and other illicit finance threats from Israel and Presenting a serious challenge to the United States, increased information exchange, joint action, and cooperation on policy, regulation, and enforcement are critical to our economic and national security objectives.”

joint task force

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As its first line of business, the new task force will begin working to develop a Memorandum of Understanding (MoU) to promote cooperation and competency-building activities such as cross-border cyber security in the financial sector, staff training and study visits. will include sharing of related information. work out.

However, the task force will also launch a series of expert technical exchanges on policy, regulation and outreach to support innovation in the fintech sector, which both the US and Israel have agreed to encourage. The two countries seek to help the fintech sector develop robust cybersecurity safeguards that can advance compliance with anti-money laundering, counter-terrorism financing and countering proliferation financing.

As part of the new partnership, the US Treasury is also planning to participate in the CyberTech Global Tel Aviv conference which will be held in Israel in January next year.

Countering ransomware and other cyber threats has been a top priority for the Biden administration, and this new partnership with Israel will help advance that goal.

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via Reuters

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