Final answer:
The company should implement a WAF in front of the vulnerable application to filter out any traffic attempting to exploit the vulnerability. This solution allows the company to mitigate the risk without incurring significant costs or downtime.
Step-by-step explanation:
The BEST option to address the concerns of the company regarding the legacy collaboration platform application with a critically rated vulnerability is Option C: The company should implement a WAF in front of the vulnerable application to filter out any traffic attempting to exploit the vulnerability.
A Web Application Firewall (WAF) can provide an additional layer of protection by inspecting and filtering traffic to the vulnerable application, preventing potential exploits. This solution allows the company to mitigate the risk without incurring significant costs or downtime.