Gov. Andrew Cuomo of New York recently announced final regulations that require financial services institutions to establish and maintain strict cybersecurity standards and report them to the state's Department of Financial Services.

DFS first proposed the regulation in September and was met with strong opposition from industry groups that said it was too strict. The mandate was revised in December to push back the compliance date. The regulation will take effect on March 1, and financial firms in New York will have until Sept. 1 to comply.

"New York is the financial capital of the world, and it is critical that we do everything in our power to protect consumers and our financial system from the ever increasing threat of cyberattacks," Cuomo said in a statement. "These strong, first-in-the-nation protections will help ensure this industry has the necessary safeguards in place in order to protect themselves and the New Yorkers they serve from the serious economic harm caused by these devastating cybercrimes."