On July 25, 2019, New York Governor Anthony Cuomo signed the Stop Hacks and Improve Electronic Data Security Act (SHIELD Act) into law. The Act creates additional protections for the residents of New York and their private information. It also endeavors to improve cybersecurity measures for those who possess private information about New York residents.
New York’s Department of Financial Services Cybersecurity regulation became effective March 1. According to the press release issued with the regulation, the regulation is intended to require banks, insurance companies and "covered entities" to "establish and maintain a cybersecurity program designed to protect consumers' private data and ensure the safety and soundness of New York State's financial services industry.” This regulation is the first of its kind in the U.S, and will likely serve as a model to other states looking to address cybersecurity.