New York Gov. Andrew Cuomo and the state’s top banking regulator proposed regulations Tuesday that would be among the first in the US to require banks to establish cybersecurity programmes.

If implemented, the regulations would increase the onus on some of the world's largest banks to invest in cyber protections that could cost them and insurers millions of dollars, according to experts. Banks would be required to hire a chief information security officer and implement measures that detect and deter cyber intrusions and protect consumer data.