The U.S. Treasury Department said on Sunday it will partner with Israel to combat ransomware, with the two countries launching a joint task force to address cybersecurity.
Deputy Secretary of the Treasury Wally Adeyemo met with Finance Minister Avigdor Lieberman and Director General of the National Cyber Directorate Yigal Unna in Israel on Sunday to establish a bilateral partnership, the department said in a statement.
The announcement follows a virtual meeting aimed at tackling ransomware, which was held at the White House in October with the European Union and more than 30 countries, including Israel.
At the summit, the countries recognized that ransomware is an escalating global security threat with serious economic and security consequences that must be dealt with, and it's an increasingly pressing issue in turbulent times as organizations and even nations appear to tire of becoming hostage to cyber terrorists.
At that meeting, Adeyemo asked for international cooperation to address the abuse of virtual currency and disrupt the ransomware business model.
A broader U.S.-Israeli task force was also launched Sunday to address issues related to fintech and cybersecurity, the Treasury Department said.