US and Israel Form Joint Task Force to Focus on Ransomware

The US is planning to work with Israel to fight ransomware attacks.

The US Treasury Department announced Sunday that the two countries will launch a joint task force. This will include a “memorandum of understanding” to share information on the financial sector, as well as regulation of cybersecurity and other threat intelligence.

The decision comes after dozens of high-profile ransomware attacks over the past few years. The effectiveness of the task force remains to be seen, but the fact that it exists at all times the evidence suggests that governments around the globe are using ransomware attackers serious.

What do special forces do?

The two agencies in question, the Israeli Ministry of Finance and the US Department of Treasury, will share the information in the memorandum. That information sharing extends to learning tours and training of new employees, along with “capacity building activities such as conducting cross-border cybersecurity drills in association with global financial institutions for capital flows and investments”.

These include fintech innovation as well as cybersecurity.

The collaborative group will tackle both state-sponsored bad guys and other criminal groups that can affect the global economy.

Economic advantage

The task force is also an example of two countries becoming closer on economic and financial topics, not just ransomware or cybersecurity, as Deputy Treasury Secretary Wally Adeyemo has said. clear in a statement about the new partnership.

Adeyemo said in a Press Release. “As the global economy recovers and ransomware and other illicit financial threats pose a serious challenge to Israel and the United States, increasing information exchange, joint work, and cooperation on Policy, regulation and enforcement are critical to our national security and economic goals. ”

It’s not the first sign that governments around the world are preparing to tackle ransomware: The White House held a virtual meeting on the same topic in October and was attended by more than 30 countries (including Israel), as well as the European Union.

Keep safe

The cybersecurity industry has long caught up with the increasingly powerful ransomware threat.

The world’s largest ransomware attack is just last july, when the notorious hacker group REvil took a clever approach to targeting companies that themselves run IT services for other businesses, allowing this malware to also gain access to all businesses. that industry, reaching thousands of companies across 17 different countries.

There was also the attack that led to the largest fuel pipeline in the US Temporarily closedor VoIP providers recently targeted by ransomware attackers. Choose for one more secure VoIP solution can help and businesses make sure their employees are trained to ignore scams or medicine efforts will also avert some potential disasters.

However, ransomware still accounts for 81% of all financially motivated cyberattacks in 2020: Israel and the US may want to consider bringing even more countries into their alliance to give them an edge over the opposing faction. Opposition. US and Israel Form Joint Task Force to Focus on Ransomware

Caroline Bleakley

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