The correct answer is C because developing an information security strategy requires defining the desired future state of information security in alignment with enterprise objectives, risk appetite, legal requirements, and business priorities. A strategy describes where the organization wants to go and how information security will support business goals. Identifying information asset owners is important for risk management and accountability, but it is not the first strategic activity. Developing security policies and standards should occur after the strategic direction is understood, because policies and standards must support the desired state.
Establishing an information security steering committee is a strong governance practice, but the question asks what should be done first when developing the strategy itself. In CISM, security strategy should be business- aligned and should define target capabilities, priorities, governance expectations, and risk management direction. Determining the desired state allows the organization to compare current capabilities against future needs and build a roadmap. Therefore, determining the desired state of information security is the best first step.
Reference: CISM Information Security Governance; information security strategy, desired state, business alignment, governance roadmap, and strategic planning principles.