Washington: The United States and Israel have struck a memorandum on cybersecurity cooperation, the US Treasury announced on Thursday.

"The U.S . Department of the Treasury and the Ministry of Finance of the State of Israel (MOF) announced the finalization of a bilateral Memorandum of Understanding ('MoU') on Cybersecurity Cooperation," the press release said.

"The MoU builds on U.S. Deputy Secretary of the Treasury Wally Adeyemo's visit to Israel in November 2021 that established a bilateral partnership to protect critical infrastructure in the financial sector and recognized the importance of deepening cooperation on cybersecurity to protect the integrity of the international financial system."

The Treasury noted that during his Israel visit last year, Adeyemo launched a bilateral Cyber Task Force with Israel aimed at combating the global threat of ransomware.

Under the agreement, the two countries will enhance cooperation in information sharing related to the financial sector including cybersecurity information on incidents and threats, staff training in the area of cybersecurity, and competency-building activities such as the conduct of cross-border cybersecurity exercises.