Israel, US establish bilateral task force to support fintech innovation and cybersecurity
Updated: Dec 9, 2021
Announcement made during Deputy Secretary of Treasury, Wally Adeyemo, in Israel. Reps from US Dept. of Treasury will attend Israel Defense’s Cybertech Tel Aviv conference this coming January
Israel and the US have launched a bilateral partnership to protect critical financial infrastructure and expand cooperation, in order to mitigate the threats ransomware attacks post to international economy. This partnership was announced yesterday (Sunday), during US Deputy Secretary of Treasury Wally Adeyemo’s visit to Israel, and will occur under the auspices of a broader US-Israeli task force on fintech innovation and cybersecurity.
“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 Adeyemo. “Increased information exchanges, joint work, and collaboration on policy, regulation, and enforcement are critical to our economic and national security objectives.”
According to the Department of the Treasury, the new task force will immediately begin work on developing a Memorandum of Understanding supporting permissible information sharing and cybersecurity regulations and guidance, staff training and study visits, and competency-building activities such as cross-border cybersecurity exercised linked to global financial institutions financial and investment flows. Treasury reps will also participate in the Cybertech Global Tel Aviv conference, organized by Israel Defense, which will be held in January.
This new US-Israeli cooperation is another layer in the Biden administration’s robust plan of accelerating international cooperation to counter ransomware. Last month, the White House held a virtual anti-ransomware summit, attended by cybersecurity experts from over 30 nations. Unna, who represented Israel, shared his colleagues with new of the ransomware attack on the Hillel Yaffe Medical Center, which had just occurred that day, but is still widely felt in the hospital’s day-to-day operations, one month later.