U.S. Department of the Treasury Announces Partnership with Israel to Combat Ransomware

The U.S. Department of the Treasury and the Israeli Ministry of Finance have announced a new partnership to combat ransomware. The joint task force announced on Sunday will include a “memorandum of understanding” for sharing information about the financial sector, as well as cybersecurity regulations and other threat intelligence.

“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 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.” Deputy Secretary of the Treasury Wally Adeyemo said in a statement.

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The new taskforce comes in the shadow of dozens of high-profile ransomware attacks in recent years targeting critical infrastructure, food manufacturers, a police department, and even pro sports teams . We have no idea how effective this taskforce will be at preventing ransomware attacks.

However this new taskforce seems well suited to pressure the the Russian government to address the many ransomware attacks targeting U.S. companies that seemingly originate from state-sponsored hackers.

h/t SiliconANGLE & protocol

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