WASHINGTON – The United States Department of Treasury and the Ministry of Finance of the State of Israel (MOF) announced the completion of a Bilateral Memorandum of Understanding (“MoU”) on Cybersecurity Cooperation. The MoU builds on US Deputy Secretary of the Treasury Wally Adeyemo’s visit to Israel in November 2021, to establish a bilateral partnership to protect critical infrastructure in the sector. financial institutions and recognizes the importance of extensive cooperation on cybersecurity to protect the integrity of the international financial system.
“We are pleased to have the Israeli government as a partner in our global effort to stop ransomware,” said Deputy Minister Adeyemo. “This partnership has resulted in real-time sharing of cyber threat data to prevent the spread of ransomware and other cyberattacks affecting the US financial sector. We look forward to expanding this partnership.”
During his visit to Israel in November 2021, Deputy Minister Adeyemo established a bilateral Cyber Task Force with Israel to help combat the global threat of ransomware. While the Ministry of Finance and the Ministry of Finance have a longstanding cybersecurity information-sharing relationship, the MoU formalizes and strengthens the close partnership between both agencies. Specifically, the Memorandum of Understanding enhances cooperation in the following areas:
- Share information related to the financial sector including cybersecurity information about incidents and threats;
- Staff training and study tours to promote cooperation in the field of cybersecurity; and
- Capacity building activities such as conducting cross-border cybersecurity exercises.