WASHINGTON — The U.S. Department of the Treasury and the Cyber Security Council of the United Arab Emirates (UAE) announced the finalization of a bilateral Memorandum of Understanding (“MoU”) on Cybersecurity Cooperation during a fireside chat between H.E. Dr. Mohamad Al Kuwaiti, Head of Cyber Security for the UAE Government and Treasury’s Deputy Assistant Secretary for the Office of Cybersecurity and Critical Infrastructure Protection Todd Conklin at the Gitex Global Conference in Dubai, UAE.
Today’s announcement builds on Deputy Secretary of the Treasury Wally Adeyemo’s visit to the United Arab Emirates 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.
“As cyber-attacks and ransomware attacks become more complex, close cooperation is essential to prevent these attacks from impacting the international financial system,” said Deputy Secretary Adeyemo. “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.”
Specifically, the MoU enhances cooperation in the following areas:
- Information sharing relating to the financial sector including cybersecurity information on incidents and threats.
- Staff training and study visits to promote cooperation in the area of cybersecurity; and
- Competency-building activities such as the conduct of cross-border cybersecurity exercises.
This new partnership is part of Treasury’s continued collaborative approach to improving cybersecurity outcomes for the financial system, including public-private partnerships and close relationships with international partners. These actions are part of the Biden Administration’s whole-of-government, focused, integrated effort to counter the ransomware threat.