Kovai.co has demonstrated its commitment to secure client data and software security by obtaining the Global SOC2 Type 2 compliance certification. With this certification, the company aims to achieve the highest compliance standards and reduce its risk profile globally. This certification is approved by AICPA (Association of International Certified Professional Accountants).
According to Saravana Kumar, the Founder and CEO of Kovai.co, the SOC2 certification showcases the company’s internal governance, risk management functions, and its core values of integrity and honesty. The certification guarantees the efficacy of appropriate controls annually and works around five principles, including security, availability, processing integrity, confidentiality, and privacy.
Kovai.co is a bootstrapped multi-product enterprise SaaS company based in Coimbatore, India, and London, UK. The company, founded in 2011 by Saravana Kumar, has a revenue of $10 million ARR and aims to increase its product portfolio and revenues to $30 million by 2025. It has received several awards, including the “Bootstrapped SaaS Startup of the Year” and “The Bootstrap Champ Award” by The Economic Times in 2021 and the NASSCOM Emerge 50 awards 2021, which recognized their knowledge-management product Document360.
SOC2 (System and Organization Controls 2) is a compliance framework established by the American Institute of Certified Public Accountants (AICPA) that outlines the criteria for evaluating the effectiveness of a service organization’s internal controls related to security, availability, processing integrity, confidentiality, and privacy.
Global SOC2 Type 2 compliance certification means that a service organization has implemented and adhered to the SOC2 framework across its global operations for a specific period, typically six months or more, and has passed an independent audit conducted by a third-party auditor.
A SOC2 Type 2 report includes an evaluation of the service organization’s controls based on the Trust Service Criteria (TSC), which consists of five principles:
Security: The system is completely protected against unauthorized access (both physical and logical).
Availability: The system is available for operation and use as agreed upon in the service level agreement (SLA).
Processing integrity: System processing is complete in all aspects. Also, it’s accurate, timely, and authorized.
Confidentiality: Information designated as confidential is protected as agreed upon in the SLA.
Privacy: Personal information is collected, used, retained, disclosed, and destroyed in accordance with the organization’s privacy policy.
To obtain a SOC2 Type 2 certification, a service organization must demonstrate the effectiveness of its controls for a minimum of six months, during which a third-party auditor conducts an examination to confirm compliance with the TSC. The audit covers the controls in place, how they are managed, and the results of testing to verify that the controls are operating effectively over the designated period.
A SOC2 Type 2 report provides independent assurance that a service organization’s internal controls are designed and operating effectively to meet the TSC requirements. This certification is an essential consideration for service organizations that handle sensitive customer data, such as financial information or personal health information, to demonstrate that they are committed to ensuring the privacy and security of that information.
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