Financial services firms are a key target of hackers and responding to the breaches they may cause does not come cheap – the average response cost in the financial services sector is more than double the overall average of $5.84 million, according to data from the Ponemon Institute LLC.  As incidents increase, regulators are paying closer attention and firms are spending more on cyber preparedness.  A recent program sponsored by K&L Gates and the Investment Adviser Association surveyed the current cybersecurity threat environment and SEC cybersecurity initiatives for the financial services sector; summarized the applicable laws and regulations that bear on cybersecurity; considered the multitude of cybersecurity risks faced by investment managers; and offered a number of strategies for mitigating those risks.