Companies that participate in a new federal cybercrime initiative could gain access to valuable threat intelligence and government partnerships, but they also may face significant risk. President Donald Trump recently issued a national security presidential memorandum (NSPM) calling for the creation of a joint government-private sector program to combat cybercrime committed by transnational criminal organizations. This article, with insights from Baker McKenzie, Debevoise & Plimpton, Paul Weiss and Wiley Rein, examines the NSPM and its potential benefits and risks for participating companies. It also provides practical guidance for companies considering involvement and outlines steps they can take to prepare. See “Analyzing the New U.S. National Cyber Strategy and Executive Order on Scams” (Apr. 1, 2026).