Since tutors are self-employed and italki hasn't specified any rules regarding this issue, I think it's up to you. I wait 10 minutes for a student unless they've told me that they're stuck in traffic or are having some other issue. I will also schedule a make-up lesson (outside of italki since they already paid for the lesson) IF the student has a good enough excuse (computer problems, no electricity, etc.) But I've also prepared a document explaining my cancellation policy and other things like lateness which I send to students who become regular attendees. That way I've covered my bases.
However, I once reported a student to italki for not showing up for a lesson after 10 minutes and I had to fight with them to get paid for a missed lesson. Italki's support person argued with me that I should wait a full 60 minutes for a 60-minute lesson. (The student showed up 40 minutes late.) But I insisted that that was my policy and I'd already spent my time planning and opening all my files and websites, so italki eventually sent me the lesson credit.