NY to require banks, insurers to take cybersecurity steps

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The New York Stock Exchange is shown, Thursday, Feb. 9, 2017, in New York. (AP Photo/Mark Lennihan)

ALBANY, N.Y. (AP) — New York state will soon have new rules intended to protect bank and insurance customers from hacking.

Democratic Gov. Andrew Cuomo said new regulations will take effect March 1 that require financial institutions to create and maintain cybersecurity programs intended to prevent illegal access to sensitive personal information.

Many banks and insurers already have cybersecurity programs in place but the new regulation would make them mandatory.

State officials say the idea is to ensure New Yorkers can be confident their personal information is being protected.