Recently, New York’s Department of Financial Services and Gov. Andrew Cuomo released their long-awaited proposal for cybersecurity regulations regarding banking and financial services companies. The proposal, if implemented, would be the first mandatory state-level regulations on cybersecurity and promises to deliver sweeping protections to consumers and financial institutions alike. In Gov. Cuomo’s words: "This regulation helps guarantee the financial services industry upholds its obligation to protect consumers and ensure that its systems are sufficiently constructed to prevent cyberattacks to the fullest extent possible."