Here are 3 reasons why you need multiple

Sam Swenson, CFA, CPA, The Motley Fool
Published 4:00 a.m. MT Sept. 22, 2020

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This budgeting rule will help increase your savings account.

USA TODAY

Things happen. They happen to people and inanimate objects, and they happen for very good reasons or for no reason at all. For those in pursuit of accumulating significant retirement accounts and robust stock portfolios, or even if you’re new to saving, it’s never a bad time to review your insurance policy holdings.

The moment you think you don’t need insurance is an invitation for your bike to be stolen (yes, this happened to me a few months ago). Even if a peril has not struck you or your family yet, it’s absolutely critical that you identify areas of your life that stand at risk and find ways to protect them adequately. Here are three reasons why you can’t afford to be uninsured. 

1.

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U.S. household wealth hits record high even as economy struggles

Americans’ household wealth rebounded last quarter to a record high as the stock market quickly recovered from a pandemic-induced plunge in March. Yet the gains flowed mainly to the most affluent households even as tens of millions of people endured job losses and shrunken incomes.

The Federal Reserve said Monday that American households’ net worth jumped nearly 7% in the April-June quarter to $119 trillion. That figure had sunk to $111.3 trillion in the first quarter, when the coronavirus battered the economy and sent stock prices tumbling.

Since then, the S&P 500 stock index has regained its record high before losing some ground this month. It was up 2.8% for this year as of Friday. The tech-heavy Nasdaq has soared more than 20% this year.

29 million unemployed

The full recovery of wealth even while the economy has recovered only about half the jobs lost to the pandemic recession underscores

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Hackers Keep Hitting Financial Services Despite Hefty Cyber Spend

Rod Holmes, vCISO, The Crypsis Group.

Financial services organizations consistently outspend most of their vertical sector peers in cybersecurity staff, tools and associated investments, but the cyber hits just keep coming. According to our recent report, the financial services industry received the highest number of business email compromise (BEC) attacks in 2019 and the second-most cyber incidents across all types, following the healthcare sector.

For years, financial services has led the pack in cybersecurity spending. In 2015, for example, a Homeland Security Research study concluded the U.S. financial services cybersecurity market was the largest and fastest-growing nongovernmental market in cybersecurity.

In 2019, financial services companies dedicated between 6% and 14% of their annual IT budgets to cybersecurity (an average of 10%), according to a Deloitte study. (Current recommendations are between 4% and 10%; however, most companies fall short). In light of increasing Covid-19-related threats, these institutions plan to

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