Only 4.1% of state-registered investment advisers – small and mid-sized investment advisers who manage up to $100 million – have reported a cybersecurity incident since registering with their jurisdiction, according to a report released this month by the North American Securities Administrators Association (NASAA).  While cybersecurity has become an growing concern for financial services firms in light of high-profile data breach incidents reported at companies like Target, Home Depot, and JP Morgan Chase & Co., only 1.1% of investment advisory firms surveyed said they experienced "theft, loss, unauthorized exposure, or unauthorized use of or access to confidential information."