Bilateral partnership

US, Israel to Work on Fintech Security, Ransomware Threat Mitigation

The Department of the Treasury has formed a bilateral partnership with Israel’s Ministry of Finance to protect critical financial infrastructure and combat ransomware threats. The partnership, which was announced on Sunday, is part of a task force between Washington and Jerusalem that focuses on financial technology innovation and cybersecurity.

Through the partnership, Israel and the U.S. will develop a memorandum of understanding that supports information sharing, cybersecurity regulations and threat intelligence. The MOU will also address staff training and cross-border cybersecurity exercises.

The Treasury Department added that the task force will launch technical exchanges on policy, regulation and outreach to support innovation.

The agreement was signed following a counter-ransomware meeting that took place at the White House in October. That meeting involved the European Union and over 30 countries, FedScoop reported.

Wally Adeyemo, deputy secretary of the Treasury Department, said international cooperation will allow the U.S. and Israel to support economic competitiveness, prosperity and efforts to combat global threats. Former National Security Agency technical lead official Adam Flatley commented that the U.S. is likely going to pursue multilateral agreements to further enhance threat mitigation efforts. According to Flatley, multilateral partnerships can foster information sharing. He also noted that both Washington and Jerusalem have been working together on critical security issues in which both countries would benefit.