By Daniel Ilan, Katherine Mooney Carroll, Michael Krimminger and Daniel Esannason ( August 24, 2017, 5:53 PM EDT) -- New York's new cybersecurity regulations become effective on Aug. 28, 2017, marking a significant milestone in what is likely to be a new era in cybersecurity regulation on both a national and international level. As governments grapple with how best to address cyberthreats to their citizens, businesses and national security, there is an increasing focus on the potential use of regulatory requirements to impose minimum cybersecurity standards, particularly in the financial services sector. As more states and nation states adopt cybersecurity requirements, financial institutions are facing increased compliance costs and, potentially, a diversion of resources away from risk mitigation to compliance with regulatory requirements. As this trend develops, key factors in managing the growing patchwork of requirements will be working to avoid overly prescriptive, highly specific requirements and trying to ensure a degree of harmonization, for example with the National Institute of Standards and Technology's Cybersecurity Framework. In the short term, financial firms will focus on identifying the applicable regulatory framework that sets the highest bar and building systems to comply that should generally provide for compliance globally. As of today, the New York regulations are a key element of that high bar and already are playing a role in setting expectations for best practices across the industry. As the regulations come into effect, we briefly take stock of their requirements and related global developments....