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The Biden administration has formed a new partnership with Israel to combat ransomware attackers and defend the critical infrastructure that underpins modern life in both countries.
The Treasury Department said it will now work as part of a new US-Israeli task force on financial technology (fintech), innovation and cybersecurity to define how the two countries will collaborate differently.
“Taking advantage of both the power of international cooperation and technology innovation will position us to support economic competitiveness, well-being and combat global threats, including ransomware,” Deputy Treasury Secretary Adewale “Wally” Adeyemo said in a statement. “As the global economy recovers and ransomware and other illicit financial threats pose a serious challenge for Israel and the United States, increased information exchange, collaboration, and collaboration on policy, regulation and enforcement are critical to our economic and national security goals. ”
Mr. Adeyemo announced the partnership during a trip to Israel from Saturday to Monday. According to the Treasury Department, the Treasury Department official met with Israeli officials and fintech and cybersecurity entrepreneurs to discuss national security priorities such as Iran and the fight against terrorist financing during his visit.
The Treasury Department said the growing task force has developed an agreement on how the US and Israel will define acceptable information sharing regarding the financial sector, particularly about cybersecurity and threats.
The upcoming memorandum of understanding also aims to detail how countries will better implement “cross-border cybersecurity exercises” surrounding global financial institutions.
The Biden administration’s announcement of its partnership with Israel is part of its focus on relying on international cooperation as a solution to ransomware attackers and hackers who are leaving medical facilities, schools and businesses as the COVID-19 pandemic pushes more people online.
The administration’s approach to combating ransomware will receive a new review from Congress on Wednesday, when a House Homeland Security subcommittee reviewed the Department of Homeland Security’s efforts with input from officials within the U.S. Secret Service and the Cybersecurity and Infrastructure Security Agency.
The news of the federal government’s new work with Israel comes just after the Ministry of Commerce added Israeli technology and spyware firm NSO Group to its Entity List earlier this month.
The Entity List is a blacklist of foreign individuals and organizations that face restrictions on their business in the United States due to national security concerns.
The crackdown on NSO Group comes after it was revealed that the firm is selling a product that provides access to a smartphone user’s messages, camera and microphone without any action from the victim user, according to Project Pegasus, edited by Forbidden Stories news outlet.
NSO Group has previously said it plans to force the Biden administration to reverse its decision.
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