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The biggest impact of the new regulations is likely to be on small banks and insurers, which may now need to bring their cyber programs up to at least a minimum standard. (Photo: Shutterstock)

(Bloomberg) – New York state is proposing new rules requiring banks and insurance companies to establish cybersecurity programs and designate an internal cybersecurity officer, in what Gov. Andrew Cuomo described as a “first-in-the-nation” move to codify cyber safety policies.

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