Cost-Effective Solution for Small Startup's Security Needs

C.

Option A: Select one of the IT personnel to obtain information security training, and then develop all necessary policies and documents in-house.

This option involves selecting an IT personnel to receive information security training and then having them develop all the necessary policies and documents for the company's security policy and assessment. While this option may be cost-effective in the short term, it has several drawbacks. Firstly, it assumes that the selected IT personnel have the necessary skills and experience to develop a comprehensive security policy and assessment. Secondly, it can be time-consuming to train someone and have them develop the policies and documents within a three-month deadline. Lastly, it may not be sustainable in the long run, as the IT personnel may not have the bandwidth to manage their regular duties along with information security responsibilities.

Option B: Accept all risks associated with information security, and then bring up the issue again at next year's annual board meeting.

This option involves the company accepting all risks associated with information security and then bringing up the issue again at next year's annual board meeting. This approach is not recommended as it leaves the company vulnerable to security incidents and potential financial and reputational losses. Moreover, it does not address the CEO's urgent need for a security policy and assessment.

Option C: Release an RFP to consultancy firms, and then select the most appropriate consultant who can fulfill the requirements.

This option involves releasing a Request for Proposal (RFP) to consultancy firms and then selecting the most appropriate consultant who can fulfill the company's security policy and assessment requirements. This approach can be cost-effective and efficient as it allows the company to leverage the expertise of experienced security professionals without having to hire full-time staff. Moreover, it ensures that the company receives a comprehensive security policy and assessment within the CEO's three-month deadline.

Option D: Hire an experienced, full-time information security team to run the startup company's information security department.

This option involves hiring an experienced, full-time information security team to run the startup company's information security department. While this option may provide the company with a high level of security, it is not the most cost-effective solution, especially for a resource-constrained IT department. Hiring a full-time security team would require significant investment in salaries, benefits, and other overhead costs.

Conclusion:

Option C, releasing an RFP to consultancy firms and selecting the most appropriate consultant who can fulfill the company's security policy and assessment requirements, is the most cost-effective solution to meet the company's urgent security needs within the CEO's three-month deadline. It allows the company to leverage the expertise of experienced security professionals without having to hire full-time staff, and ensures that the company receives a comprehensive security policy and assessment in a timely and efficient manner.