SEC online company registration suffers hacking attempts

MANILA, Philippines – The Securities and Exchange Commission’s (SEC) newly launched online registration system is under attack as it suffers multiple hacking attempts that have caused a delay in the processing and release of certificates for new companies.   

“This is all part of birthing pains. A lot of people do not want this system to succeed so we probably have 500 hacking attempts every day,” said Ferdinand Sales, SEC company registration and monitoring department (CRMD) director.

Sales said SEC’s online Company Registration System (CRS) was particularly targeted from December 4 to 6, affecting those who registered during those days.

“The system passed the DICT’s (Department of Information and Communications Technology) vulnerability test so these attempts have not been successful but it slows down the system,” Sales added.

Some data entered in the system may have been lost during those days and the commission is calling on those affected to verify their information by coordinating with CRMD.   

Despite the setback and complaints from the public, Sales stressed that SEC will not return to the manual processing of company registration as the old system is already considered obsolete. He sought understanding from the public as SEC continues to improve the online system.    

SEC launched the full implementation of the CRS on November 24. It allows quick, free, and easy online registration of new corporations for 24 hours a day, 7 days a week.  

With a valid email address, users can create an online CRS account for their respective companies and/or create their own personal accounts, and may start filing single or multiple registrations simultaneously.

Upon CRS account creation, users may easily complete the entire incorporation process via online from corporate name reservation, all the way to the final step which is the online payment of registration fees.

This new system saves the public time, effort, and money with less commutes going to and from the SEC office. Only one visit is required to claim the Certificate of Registration and submit original copies of notarized documents. – Rappler.com