US and Israel Agree Anti-Ransomware Coalition

US and Israel Agree Anti-Ransomware Coalition

The US and Israel yesterday announced a new bilateral partnership designed to tackle ransomware.

The move comes as part of the new US-Israeli Task Force launched on Sunday slated to cover Fintech Innovation and Cybersecurity more broadly.

Its participants are currently working on a Memorandum of Understanding (MoU) to support joint activities, including information sharing in threat intelligence, security guidance and regulations.

Also mooted are staff training, study visits and cross-border competency-building initiatives such as cybersecurity exercises linked to finance and investment flows.

The task force will launch a series of technical exchanges on policy, regulation and outreach to ensure robust cybersecurity is built into fintech innovation early. It will also work on advancing compliance with anti-money laundering, counter-terrorist financing and nuclear proliferation financing.

There were very few details on how the two countries plan to tackle ransomware specifically, even though the Treasury trumpeted this as the headline aspect of the new bilateral agreement.

“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,” said deputy secretary of the Treasury, Wally Adeyemo.

“As the

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