The US Treasury Department announced on Sunday that it will collaborate with Israel to tackle ransomware, forming a joint task force to handle cybersecurity.
According to the Treasury Department, the task group will create a memorandum of understanding to support information exchange in the financial industry, including cybersecurity rules and threat intelligence.
The announcement comes after the White House hosted a virtual meeting on ransomware in October with the European Union and more than 30 countries, including Israel.
Wally Adeyemo, the Deputy Secretary of the Treasury, requested international cooperation to combat the misuse of virtual money and destroy the ransomware business model.
The alliance follows steps made to battle a wave of ransomware attacks that have hit numerous major American corporations, including an attack on the country’s main fuel pipeline, which halted fuel deliveries for several days.
On Sunday, the Treasury Department announced the formation of a larger US-Israel task force to address fintech and cybersecurity challenges.
Adeyemo met with Israeli Finance Minister Avigdor Lieberman and National Cyber Directorate Director General Yigal Unna on Sunday in Israel to create a bilateral relationship, according to the department.
The US Justice Department charged a Ukrainian national and a Russian with one of the deadliest ransomware assaults on American targets earlier this month.
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