Wesco, an insurance company, has agreed to settle with the IRA Financial Group after a cyber breach in 2022 resulted in retirees losing $37 million in cryptocurrency. The settlement includes Wesco covering the IRA's legal expenses and customer losses. The IRA argued that Wesco's professional liability policy did not specifically exclude cyber threats, and accused the company of ignoring the issue. Custodian cybersecurity has become increasingly important in the crypto industry, with regulations requiring robust cyber hygiene and the separation of customer and corporate funds.