US Treasury and United Arab Emirates Establish Cybersecurity Agreement
Agreements Comes Ahead of Counter-Ransomware Summit
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October 17, 2023
The United States and the United Arab Emirates (UAE) have solidified their commitment to cybersecurity and digital resilience through a new memorandum of understanding.
The agreement, signed by the US Treasury Department and the UAE's Cyber Security Council, outlines key areas of cooperation to combat digital threats and strengthen the financial sector.
The memorandum emphasizes the importance of information sharing between the two countries, particularly regarding digital threats targeting the financial industry. It also includes provisions for increased staff training and visits, as well as joint online exercises to enhance competency in dealing with cyber-attacks
Wally Adeyemo, the deputy Treasury secretary, highlighted the significance of close cooperation in preventing complex cyber-attacks and ransomware attacks from impacting the global financial system. He stated:
"As cyber-attacks and ransomware attacks become more complex, close cooperation is essential to prevent these attacks from impacting the international financial system."
The partnership between the US Treasury and the UAE's Cyber Security Council marks a significant step forward in the fight against cyber threats.
Adeyemo expressed his satisfaction with the collaboration, stating:
"We are pleased to have the government of the United Arab Emirates as partners in our global effort to combat these threats and look forward to expanding our partnership."
This cybersecurity agreement comes at a crucial time, as the White House prepares to host the International Counter Ransomware Initiative (CRI) summit on October 31. The summit aims to bring together participating governments to address the growing threat of ransomware attacks. It is expected that the Biden administration will urge these governments to issue a joint statement declaring their refusal to pay ransoms to cybercriminals.
The collaboration between the US and the UAE is part of a broader effort to strengthen digital cooperation between the two countries. Deputy Treasury Secretary Adeyemo visited the UAE in 2021 to foster this partnership and enhance cybersecurity measures.
The cybersecurity agreement between the US Treasury and the UAE's Cyber Security Council signifies a significant commitment to combatting cyber threats and ensuring digital resilience. With increased information sharing, staff training, and joint exercises, both countries aim to prevent cyber-attacks from impacting the international financial system.
As the White House prepares to host the CRI summit, this partnership sets a precedent for international cooperation in the fight against ransomware attacks.