WASHINGTON—With forecasts that the already rampant ransomware attacks on financial institutions and other companies are only going to increase, the Department of Treasury said it is now partnering with Israel to help combat the issue.
Treasury said a bilateral task force has been formed to support financial technology innovations and cybersecurity, explaining the new initiative is part of the Biden administration’s efforts to accelerate international cooperation to counter ransomware, Forbes reported.
The announcement follows the Counter-Ransomware Initiative meeting that was held virtually at the White House in October with the European Union and more than 30 countries, including Israel.
“At that meeting, Deputy Secretary Adeyemo underscored the importance of international cooperation to address the abuse of virtual currency and disrupt the ransomware business model,” according to Treasury.
“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, increased information exchanges, joint work, and collaboration on policy, regulation, and enforcement are critical to our economic and national security objectives,’’ he noted.
Memorandum of Understanding
Treasury said the task force will develop a memorandum of understanding concerning:
- Information Sharing: Permissible information sharing related to the financial sector, including cybersecurity regulations and guidance, cybersecurity incidents, and cybersecurity threat intelligence.
- Training And Study: Staff training and study visits to promote cooperation in the area of cybersecurity and the financial system.
- Competency-Building: Competency-building activities such as the conduct of cross-border cybersecurity exercises linked to global financial institutions and investment flows.
Technical Exchanges
The Treasury Department said the new task force will launch a series of expert technical exchanges on policy, regulation and outreach to support fintech innovation that features robust cybersecurity protections and that can advance compliance with international standards on anti-money laundering, counter-terrorist financing, and countering the financing of proliferation, Forbes noted.