The first step in protecting a company and its assets is to conduct a threat and vulnerability analysis because it identifies potential risks and weaknesses that could impact the organization. In Human Resource and organizational security management, understanding threats such as theft, insider risks, or external attacks, along with vulnerabilities like poor training, weak procedures, or lack of controls, is essential before implementing any protective measures. This analysis provides the foundation for developing effective security strategies, policies, and employee awareness programs. Without first identifying what needs protection and where weaknesses exist, other steps such as cost analysis or business impact analysis may be ineffective or misdirected. Therefore, option C is correct because it establishes the baseline for informed decision-making and effective asset protection planning.