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Bundsystems

Name: Bundsystems
Address: 36A, Olakunle Selesi Street, Ajao Estate, Lagos, 100263, NG
Telephone: +2348172238790

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Bundsystems

Bundsystems is a forward-looking IT service management, consulting and training firm.

Our services help customers improve business/operational performance, measurable growth in return on investment, manage the ever-evolving environment effectively.

18/08/2021

Mastercard to stop issuing cards with Magnetic Strip

Financial Service Company, Mastercard have disclosed that it will stop issuing cards with magnetic strip and will instead opt for strip-less cards from 2024.

According to the company; by 2033, none of its credit OR debit cards will have a strip.

Many banks in various regions including Europe will be able to issue the strip-less cards three years from now.

Mastercard stated that chip-and-pin and new biometric cards that makes use of fingerprints offer greater security. According to the financial service company; the global acceptance level of chip-and-pin was such that it was now the right time to begin phasing out the magnetic strip.

Mastercard claims they will be the first payment network to phase out the technology.

The magnetic strip started in the 1960s as an IBM project to create identity cards for staff of the CIA.

10/06/2021

Meat Processing Company, JBS pays Ransom to stop Cyber-Attack

The largest meat processing company, JBS have decided to pay the equivalent of £7.8m ($11m) in ransom demanded from them by hackers who attacked the company last week.

The meat giant opted to pay the ransom in order to put an end to the major cyber-attack which saw them temporarily shut down some operations in Australia, US and Canada.

According to reports, the ransom was paid using Bitcoin after JBS plants had come back online. The company disclosed that paying the ransom was a necessity in order to protect its customers.

The attack which hit the company last week originated when hackers broke into the JBS computer network and threatened to cause disruption and even delete files unless a ransom in cryptocurrency was paid.

JBS Chief Executive revealed that the decision to pay the ransom was an extremely difficult one for the company, adding that the money was paid because of the sophistication of the attack.

Investigators have disclosed that the attack is linked to a group with ties to Russia. The White House has also supported these claims.

JBS is one of the largest food processing companies in the world and are responsible for producing factory processed beef, pork, chicken and more.

23/04/2021

Bitcoin drops below $50,000 over fears of Tax Hike

Over fears of the US government hiking of taxes in the nearest future; Bitcoin and other cryptocurrencies were deep in the red in the early hours of Friday.

The world's largest cryptocurrency, Bitcoin saw a drop below $50,000 per coin for the first time since the month of March.

According to the trading platform CoinDesk, bitcoin was down with over 9% at $49,759 on Friday with the second largest cryptocurrency, Ether dropping more than 12% at $2,263 per token.

This is following a steep drop in US stocks as financial markets were hit with worries over tax hikes on Thursday following reports that Biden's administration intends to raise capital gain taxes.

According to this report, the White House has proposed to raise capital gains taxes from 20% to 39.6% for people earning more than $1 million per annum coupled with an additional levy that high-income earners pay to fund the Affordable Care Act.

Investors in cryptocurrencies fear that higher capital gains taxes would affect the currencies like bitcoin by limiting its demand which over the past months have risen dramatically.

10/03/2021

Apple to stop production of iMac Pro

American multinational tech giants, Apple have announced that they will stop the production of the iMac Pro computer which was once the most powerful computer offered by the firm.

According to Apple; once the existing stock for the iMac Pro runs out, it will no longer be available. However, those looking to get their hands on the iMac Pro for the limited time can purchase the $4,999 standard model device on Apple's website.

The iMac Pro was released in 2017 and was at the time, deemed "the most powerful Mac ever made". The all-in-one computer featured advanced capabilities for graphics and 3D rendering, however, it has not gotten any major updates over the past few years.

According to reports, Apple is gearing up to release new iMacs this year to replace its 21.5inches and 27inches models.

10/03/2021

Security Firm, Verkada begins investigation into hack of 150000 Cameras

A US security firm, Verkada has begun investigating a massive hack reported to have affected 150,000 of its security cameras.

The California-based firm disclosed that it was investigating the scale and scope of the hack after hackers claimed to have breached the security company that provides cameras to other firms such as popular electric car maker, Tesla and more.

According to a report by Bloomberg; stolen footages from the cameras included the insides of schools, hospitals and businesses.

Verkada revealed that the case has been reported to the appropriate authorities, however, it did not confirm the size and scale of the reported attack. According to the firm, hackers were able to view videos from inside psychiatric hospitals, women's health clinic, prisons and even offices of Verkada itself.

Companies such as Tesla and software providers, Cloudfare also had their footages exposed in the attack.

One of the footage from a camera inside a hospital in Florida reportedly showed eight hospital staff tackling and pinning a man to a bed. Another footage showed officers in a Massachusetts police station questioning a man in handcuffs whereas another showed people working in an assembly line inside a Tesla warehouse in Shanghai.

Verkada will no doubt be working tirelessly to ensure this breach does not occur again.

26/02/2021

Npower shuts down App following exposure of Customers' Bank Details

Energy supplying company, Npower has been forced to shut down its application before due time following an attack which saw some of its customers' financial and personal details exposed.

Details such as birth dates, addresses, partial bank account numbers and more were believed to be among the details stolen in the attack.

Npower disclosed that the affected accounts had been locked despite not revealing the exact number of accounts that were affected by the breach.

According to the energy firm, it identified suspicious activity affecting its mobile app where someone tried to access customer accounts via login stolen from another website which it described as 'credential stuffing'.

Npower also added that it had contacted all affected customers to notify them of the breach and encourage them to change their password as well as offer advice on how to prevent unauthorized access to their online account.

Action Fraud has advised customers to beware of potential phishing emails and to also monitor their bank accounts for suspicious activities.

26/02/2021

Taiwan Chip supply halted by Drought as US demands more

Production of chips in Taiwan has been halted following drought in the East Asian country that has affected water supplies in factories amidst the growing demand for these chips.

Lockdowns experienced around the world have led to a high demand for technology such as game consoles & laptops.

Car makers are finding it hard to source chips which is a key component as new vehicles can come packed with over 100 microprocessors.

Earlier this month, chief executive of GM disclosed that the shortage could cost it $2bn (£1.4bn) in profits. Ford and other car companies also revealed that the shortage of chips had affected the production of cars and lorries.

United States president, Joe Biden has also signed an executive order requesting for a 100-day review to increase the production of chips domestically in the long run.

Taiwan which is one of the biggest producers of chips in the world has promised to help the US, Japan and Germany by speeding up manufacture but now faces restrictions in achieving this due to the drought.

Several chip companies in the country such as United Microelectronics and TSMC have indicated they will begin using lorries to supply water. According to TSMC, it needs 156000 tonnes of water per day.

25/02/2021

Google and Facebook to pay for News in Australia

American tech giants, Google and Facebook are set to pay for news in Australia. The Oceania country passed a world-first law to make Google and Facebook pay for news content they display on their platforms.

This is coming after Facebook reversed its decision to block all news content to Australians following its row with the country's government.

Following the negotiations with Australia; the law which incentivizes tech giants & news organizations to negotiate payment deals between each other was passed in the House of Representatives on Thursday after initially going through the Senate.

Australian Competition and Consumer Commission (ACCC) disclosed that publishers in the country had little negotiating power until now owing to the fact that they are so reliant on tech monopolies like Facebook & Google.

Following the implementation of the new law, both Facebook and Google have now committed to paying lucrative sums to some of the major publishers in Australia despite tagging the deal as a 'compromise'.

Recall that Google had threatened to pull its search engine from Australia last month, however, the company have recently agreed deals with local media firms including Seven West Media and Nine Entertainment. On the other hand, Facebook has also signed at least one deal with Seven West Media and is currently working on others.

17/02/2021

Bitcoin rises to record $50,000

Popular cryptocurrency, Bitcoin has just hit a new record after rising to a record-high of more than $50,000 (£36,000). This latest development means that Bitcoin has now risen above 72% in 2021, maintaining its status as the most expensive cryptocurrency.

Bitcoin which was created by an unknown inventor alongside other cryptocurrencies are generated by computers which means part of its supposed value is obtained from the finite number that can be computed. However, regulators have warned the public of how risky these cryptocurrencies can be owing to the fact that their value can change rapidly both upwards & downwards.

Bitcoin's growth to its record-high comes after world's richest man, Elon Musk's electric car company, Tesla had bought $1.5bn worth of the cryptocurrency, stating that it would begin accepting them as payment for its cars in the nearest future.

Following the purchase by Tesla, Bitcoin's value rose to a then record-high of $44,000 before rising to $50,000 this week.

Financial watchdogs, FCA have issued a stern warning to investors in cryptoassets, stating that these investors should be prepared to lose all their funds should the investment's value collapse.

16/02/2021

World Trade Organization (WTO) appoints Dr. Ngozi Okonjo-Iweala as Director-General

Former Nigerian Finance Minister, Dr. Ngozi Okonjo-Iweala has been appointed as the director-general of the World Trade Organization (WTO).

Dr. Ngozi's appointment came after a special general council meeting by WTO on Monday with her term set to start on the 1st of March 2021

The 66-year has made history by becoming the first woman as well as African to lead the Switzerland-based institution.

The former finance minister was strongly supported by US President, Joe Biden who swung behind her candidacy after South Korean Trade Minister, Yoo Myung-hee pulled out.

Dr. Okonjo-Iweala served Nigeria as the first female finance & foreign minister and currently boasts of a 25-year career as a development economist at the World Bank.

The newly appointed DG also serves on Twitter's Board of Directors as chairlady of the GAVI Vaccine Alliance as well as a special envoy for the World Health Organization’s (WHO) fight against Covid-19.

Prior to her appointment, Dr. Ngozi had reiterated that she had broad experience in advocating reform and was the ideal person to help put the WTO back on track.

15/02/2021

Coca-Cola set to trial its first Paper Bottles

The Coca-Cola Company has revealed it is set to begin the trial of its first paper bottles in its bid to eliminate plastic from its packaging on the long run.

The American company disclosed that the goal is to create a 100% recyclable, plastic-free bottle that is capable of preventing the escape of gas from carbonated drinks. This bottle must also ensure that no fibers fall into the liquid which could pose a risk to health & safety checks as well as alteration of the drink's taste.

The prototype for the paper bottle is made from an extra-strong paper shell that contains a thin plastic liner by Danish company, Paboco (Paper Bottling Company).

Last year, the Coca-Cola company was ranked the number one plastic polluter in the world by charity group, Break Free from Plastic.

Paboco has revealed that part of the challenge of producing an appropriate paper-based container is to create a structure capable of withstanding the forces exerted by fizzy drinks such as beer & cola which are bottled under pressure. Also, the paper needs to be moldable in order to create distinct bottle shapes & sizes for different brands as well as accommodate ink for printing their labels.

After over 7 years of lab work; the firm is set to host a trial this summer in Hungary with Coca-Cola's fruit drink, Adez which will involve 2000 bottles being distributed via a local retail chain. Also, Absolut (vodka-maker) is also set to test 2000 paper bottles of its pre-mixed carbonated raspberry drink in the UK and Sweden.

Carlsberg which is a beer company is also building prototypes for its paper beer bottle.

15/02/2021

US President Joe Biden 'halts' WeChat and TikTok

The president of the United States, Joe Biden has suspended the legal action against popular social media platforms, WeChat and TikTok.

The legal action which would have seen both apps banned in the US was halted by Biden who indicated that his administration would revisit the claims that the apps posed a threat.

This delay means that both apps can continue operation in the US while new government agencies staff familiarize themselves with the issues in this case.

Both WeChat and TikTok had come under scrutiny by former US President, Donald Trump who sought to ban both apps while claiming they posed a threat to national security. The ex-president had claimed that the spread of mobile apps developed & owned by Chinese firms posed a threat to foreign policy, economy as well as national security of the United States.

Both apps were initially given a deadline towards the end of last year to find US buyers with TikTok negotiating with Oracle & Walmart.

Reports are suggesting that Biden's administration might adopt a softer approach towards Chinese apps which could lead to the deal being cancelled.

WeChat has over one billion users worldwide with 20 million in the US whereas TikTok has about 800 million users worldwide and 100 million in the US.

Address

36A, Olakunle Selesi Street, Ajao Estate
Lagos
100263

Opening Hours

Monday	08:00 - 17:00
Tuesday	08:00 - 17:00
Wednesday	08:00 - 17:00
Thursday	08:00 - 17:00
Friday	08:00 - 17:00

Telephone

+2348172238790

Website

http://www.bundsystems.com/

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