The Information Security Manager's primary responsibility is to ensure that the organization's information assets are adequately protected. In this scenario, there is a conflict between the approved mobile access policy and industry best practices. Developing security standards based on a flawed policy could lead to significant security vulnerabilities.
Why the other options are not the best course of action:
A). Align the standards with the organizational policy: This would perpetuate the misalignment with best practices, potentially leaving the organization exposed to risks.
B). Align the standards with industry best practices: While this is ideal from a security perspective, it directly contradicts the approved policy, which could create operational and compliance issues.
D). Perform a cost-benefit analysis of aligning the standards to policy: A cost-benefit analysis might be useful at some point, but it does not address the fundamental issue of a policy that is not in line with best practices.
Key CISM Principles Reflected:
Alignment with Organizational Objectives: Security standards and policies should support and enable the organization's business objectives.
Risk Management: Identifying, assessing, and mitigating risks are essential elements of information security management.
Governance: Effective governance ensures that information security activities are aligned with the organization's strategies and objectives.
In summary: The Information Security Manager should proactively engage senior management to highlight the discrepancy between the approved policy and industry best practices. The goal is to revise the policy to ensure it adequately addresses security risks while supporting the organization's objectives. Once the policy is aligned with best practices, the security standards can be developed accordingly.

Initiating incident response is the first course of action for an information security manager when an employee reports the loss of a personal mobile device containing corporate information. This will help to contain the incident, assess the impact, and take appropriate measures to prevent or mitigate further damage.
According to ISACA, incident management is one of the key processes for information security governance.
Initiating a device reset, disabling remote access, and conducting a risk assessment are possible subsequent actions, but they should be part of the incident response plan. References: 1: Find, lock, or erase a lost Android device - Google Account Help 2: Find, lock, or erase a lost Android device - Android Help 3: Lost or Stolen Mobile Device Procedure - Information Security Office : CISM Practice Quiz | CISM Exam Prep | ISACA : 200 CISM Exam Prep Questions | Free Practice Test | Simplilearn : CISM practice questions to prep for the exam | TechTarget

A technical vulnerability assessment is a process of identifying and evaluating the weaknesses and risks associated with a specific system, component, or network. A technical vulnerability assessment can help to determine the potential impact and likelihood of a security breach, as well as the appropriate measures to prevent or mitigate it. A technical vulnerability assessment should be performed on a personnel information management server whenever there is an increase in the number of unauthorized access attempts to the server, as this indicates that the server may have been compromised or targeted by an attacker12. Therefore, option C is the correct answer. References =
* CISM Review Manual (Digital Version), Chapter 5: Information Security Program Management
* CISM Review Manual (Print Version), Chapter 5: Information Security Program Management