The US and Israel have partnered to create an anti-ransomware task force which will see the two countries work together on protecting their critical financial infrastructure from online extortionists.
The task force will create a memorandum of understanding to share financial sector information, including details of cyber security incidents and threat intelligence. They will also collaborate on staff training to bolster cyber security skills, and organize joint cyber security exercises that follow financial and investment flows.
The joint task force will also organize the exchange of technical information on policy and regulation.
Deputy Treasury Secretary Wally Adeyemo launched the initiative with Israeli Finance Minister Avigdor Lieberman and Director General of the National Cyber Directorate Yigal Unna on Sunday as part of a broader partnership on fintech innovation and security.
This focus is also reflected in the task force's work plan, which will address fintech innovations that fight crimes such as money laundering. It will also explore how fintech and cyber analytics companies can reduce financial risk, the two governments said.
As part of the joint effort, the US Treasury Department will participate in the CyberTech Global Tel Aviv conference in January.
RELATED RESOURCE
The best defence against ransomware
How ransomware is evolving and how to defend against it
Last month, Israel participated in a virtual Counter-Ransomware Initiative meeting including over 30 countries. The event is one sign the US is getting more serious about ransomware crimes. The Department of State offered $10 million for information on the BlackMatter ransomware group, while its Treasury Department also sanctioned a cryptocurrency exchange over its alleged ties to ransomware actors.
VirusTotal's recent Ransomware Activity Report suggested Israel was the country most hit by ransomware in the last year. The report showed a 600% increase in the number of ransomware samples reported to the service by Israeli organizations since 2020. The report was published just as Israel's Hillel Yaffe Medical Center reeled from a large ransomware attack experts said could take months to recover from.
Last month, Microsoft reported last month it saw Iranian hackers targeting Israel and US defense contractors.
-
How the UK MoJ achieved secure networks for prisons and offices with Palo Alto NetworksCase study Adopting zero trust is a necessity when your own users are trying to launch cyber attacks
-
Putting small language models under the microscopeITPro Podcast The benefits of small language models are undeniable – but they're no silver bullet
-
Cleo attack victim list grows as Hertz confirms customer data stolen – and security experts say it won't be the lastNews Hertz has confirmed it suffered a data breach as a result of the Cleo zero-day vulnerability in late 2024, with the car rental giant warning that customer data was stolen.
-
‘Phishing kits are a force multiplier': Cheap cyber crime kits can be bought on the dark web for less than $25 – and experts warn it’s lowering the barrier of entry for amateur hackersNews Research from NordVPN shows phishing kits are now widely available on the dark web and via messaging apps like Telegram, and are often selling for less than $25.
-
Healthcare systems are rife with exploits — and ransomware gangs have noticedNews Nearly nine-in-ten healthcare organizations have medical devices that are vulnerable to exploits, and ransomware groups are taking notice.
-
Alleged LockBit developer extradited to the USNews A Russian-Israeli man has been extradited to the US amid accusations of being a key LockBit ransomware developer.
-
February was the worst month on record for ransomware attacks – and one threat group had a field dayNews February 2025 was the worst month on record for the number of ransomware attacks, according to new research from Bitdefender.
-
CISA issues warning over Medusa ransomware after 300 victims from critical sectors impactedNews The Medusa ransomware as a Service operation compromised twice as many organizations at the start of 2025 compared to 2024
-
Warning issued over prolific 'Ghost' ransomware groupNews The Ghost ransomware group is known to act fast and exploit vulnerabilities in public-facing appliances
-
The Zservers takedown is another big win for law enforcementNews LockBit has been dealt another blow by law enforcement after Dutch police took 127 of its servers offline
