On Feb. 15, the first of several important milestones in New York's new cybersecurity regulations, called 23 NYCRR 500, will compel the state's financial services companies to adopt policies to keep their data safe. The regulations, handed down by the New York State Department of Financial Services, are the first of their kind in the country.

Related: Certification filing deadline for N.Y.'s cybersecurity regs approaches

As other states consider the adoption of similar regulations, financial services companies in the rest of the U.S. would do well to follow the roll-out of 23 NYCRR 500 and the ways in which covered entities are working to meet the new requirements. Affected companies include banks, insurers and investment companies licensed by or operating in New York State. 23 NYCRR 500 excludes companies with fewer than 10 employees and contractors, or less than $5 million in New York gross annual revenue, or less than $10 million in year-end assets.