New York state wants banks and insurance companies to take steps to protect consumers from hacking.

The state’s Department of Financial Services announced a proposed regulation Wednesday that would 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 proposed regulation would mandate such efforts. State officials say the idea is to ensure that New Yorkers can have confidence that their personal information is being protected.

If it wins final approval from regulators the new rule would take effect March 1.

(AP)