GRC Viewpoint

The U.S to Collaborate with Israel to Tackle Ransomware Incidents

In an announcement dated 14th November, the U.S. Treasury Department talked about its partnership plans with Israel to deal with ransomware. Ransomware attacks seem to be on the rise, especially amidst the restrictions imposed by the pandemic-hit world. The two countries are actively considering introducing a joint workforce to address cybersecurity lapses.

An analysis by SonicWall titled ‘2021 Cyber Threat Report’, found that there has been about a 62% increase in Ransomware incidents since 2019. The ongoing pandemic has only made things worst. The report also raises concerns about the possibility of a further surge in cybersecurity attacks that are highly complicated and tough to identify.

There were a series of high-level attacks in the U.S by a Russia-linked ransomware group. Experts believe this incident would have fuelled the prompt actions by the governments.

Coming to Israel, a cybersecurity company commissioned by Google confirms Israel has in recent times reported a 600% increase in the number of ransomware incidents.

The two nations will share critical information such as financial data, including threat intelligence and cybersecurity regulations.

The declaration follows an online meeting on increasing ransomware attacks held at the White House in October this year. The European Union and more than 30 nations across the world were part of the meeting. Israel was also featured among the 30 companies.

A much broader Israel- U.S task force was also formed to deal with issues associated with cybersecurity and fintech.

The new deal also would involve enhanced coordination among government agencies belonging to the nations. There might be regular staff visits, exercises, and training to enhance measures taken against cyber security threats.

“Increased information exchanges, joint work, and collaboration on policy, regulation, and enforcement are critical to our economic and national security objectives,” said Wally Adeyemo, Deputy Treasury Secretary, U.S.

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