• By The Financial District

U.S., Israel Create Task Force vs Ransomware

The US Treasury announced Sunday the creation of a joint task force with Israel's Ministry of Finance to combat ransomware attacks and reinforce international cybersecurity, Darryl Coote reported for United Press International (UPI).

Photo Insert: Ransomware attacks have managed to cripple various industries - even government agencies, from time to time, in the U.S. and all over the world.

In a statement, the Treasury said it and the ministry established the partnership to protect critical financial infrastructure and expand international cooperation to counter the threat of ransomware.

The task force will work to develop a memorandum of understanding (MOU) in support of information sharing related to the financial sector, including cybersecurity regulations and threat intelligence.

The MOU will also address staff training and study visits and competency-building activities, such as cross-border cybersecurity exercises.

The announcement Sunday was made weeks after a counter-ransomware initiative meeting was virtually held at the White House in October with 30 nations, including Israel, in attendance.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

During the meeting, Deputy Secretary of the Treasury Wally Adeyemo called for international cooperation to counter illicit finance, including the abuse of cryptocurrencies in ransomware.

Government & politics: Politicians, government officials and delegates standing in front of their country flags in a political event in the financial district.

"As the global economy recovers and ransomware and other illicit finance threats present a grave challenge to Israel and the US, increased information exchanges, joint work, and collaboration on policy, regulation, and enforcement are critical to our economic and national security objectives," said Adeyemo, who was in Israel on Sunday for the announcement.

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