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

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On November 14, 2021, the U.S. Department of the Treasury announced a bilateral cybersecurity partnership with the Israeli Ministry of Finance “to protect critical financial infrastructure and emerging technologies” and combat the use of ransomware. The initiative includes the launch of a U.S.-Israeli Task Force on Fintech Innovation and Cybersecurity (the “Task Force”), which seeks to advance the twin goals of encouraging fintech innovation while protecting against cyber threats from nation-state and criminal actors.

Deputy Secretary of the Treasury Wally Adeyemo met with Israeli Finance Minister Avigdor Lieberman and Director General of the National Cyber Directorate Yigal Unna to launch the partnership. Their announcement follows the Counter-Ransomware Initiative meeting held virtually one month earlier with the European Union and more than 30 countries, including Israel, during which Deputy Secretary Adeyemo highlighted the importance of international cooperation to address the abuse of virtual currency and disrupt the ransomware business model.

The newly created Task Force will advance the goals of the initiative through a variety of

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