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Ransomware takes center stage in U.S. official’s Middle East trip -Breaking

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© Reuters. FILE PHOTO Economist Adewale “Wally” Adeyemo answers questions at his Senate Finance Committee hearing for Deputy Secretary to the Treasury in Dirksen Senate Office Building, Washington, D.C., U.S.A, 02/23/2021 Greg Nash

By Daphne Psaledakis

WASHINGTON, (Reuters) – U.S. Deputy Treasury Secret Wally Adeyemo will fly to the Middle East Friday to seek partnerships in ransomware prevention and cybersecurity. Hackers are ravaging America’s most vital sectors.

Adeyemo will discuss the counterterrorism financing and proliferation as part of the top-ranking Treasury visit to the region by President Joe Biden. He also discussed economic recovery after the coronavirus pandemic that struck Israel, Saudi Arabia and Qatar.

Adeyemo, a spokesperson for Israel’s cyber security, will be focusing on how to use technology to fight ransomware and other cyber threats.

He was not clear if he would bring up NSO Group, an Israeli spy company, which the U.S. Commerce Department has added to their trade blacklist. This month it said they had sold spyware to foreign governments. The equipment could be used to attack journalists or government officials.

Following a number of threats to U.S. food and energy supplies this year, Biden declared cybersecurity his top priority.

Ransomware is used by hackers to disable systems controlling everything, from manufacturing to hospital billing. After receiving large payments in cryptocurrency, they will stop.

In large-scale hacks, organized crime groups have targeted many U.S. corporations this year. The attack on Colonial Pipeline caused fuel supply problems on the East Coast. Hackers attacked an Iowa-based agricultural business, causing fears that there would be disruptions to Midwest grain harvesting.

Last month’s sanctions review by the U.S. Treasury Department revealed that digital currencies, payment systems and other financial instruments could decrease the effectiveness of U.S. sanction enforcement. This would allow for the transfer of money outside of the dollar-based financial market.

“The Deputy Secretary’s visit comes on the heels of a sanctions review that emphasized multilateral coordination on sanctions, as well as the threats posed by emerging technologies like virtual assets,” the spokesperson said.

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