The US Treasury Department and Israel’s Ministry of Finance have finalized a cybersecurity cooperation agreement.
The bilateral memorandum of understanding on cybersecurity cooperation builds on US Undersecretary of the Treasury Wally Adeyemo’s visit to Israel in November 2021. That’s when a bilateral partnership to protect critical infrastructure in the sector was established, in recognition of the importance of deepening cybersecurity cooperation to protect the integrity of the international financial system.
“We are happy to have the government of Israel as a partner in our global effort to stop ransomware,” Adeyemo said. “This partnership has already resulted in the sharing of real-time cyber threat data to prevent the spread of ransomware and other cyber attacks from impacting the U.S. financial industry. We look forward to expanding this partnership.
During this November 2021 trip, Adeyemo launched a bilateral cyber task force with Israel to help combat the global threat of ransomware.
While the U.S. Treasury and the Israeli Ministry of Finance have a long-standing relationship when it comes to sharing cybersecurity information, this MoU formalizes and strengthens the partnership between the two. Specifically, the MOU enhances cooperation in several ways, including sharing information on cybersecurity as well as incidents and threats in the financial sector; staff training and study tours to promote cooperation in the field of cybersecurity; and skills-building activities such as conducting cross-border cybersecurity exercises.