Answering a New Regulation for Safeguarding Information

C.

If the organization is in compliance through existing controls, the need to perform other work related to the regulation is not a priority.

The other choices are appropriate and important; however, they are actions that are subsequent and will depend on whether there is an existing control gap.

As an information security officer, the first step when a new regulation for safeguarding information processed by a specific type of transaction comes to your attention is to assess whether the existing controls meet the regulation. This is because, before deciding on how to comply with the new regulation, you need to understand the existing controls in place and determine if they meet the regulatory requirements.

The assessment of existing controls should involve a comprehensive review of the current security and privacy policies, procedures, and technical controls in place to determine their adequacy in meeting the new regulation's requirements. This review should also identify any gaps or weaknesses in the existing controls that need to be addressed to ensure compliance with the new regulation.

Once the assessment of existing controls is completed, the next step is to analyze the key risks in the compliance process. This step involves identifying the risks associated with the new regulation and assessing their potential impact on the organization's operations. The risk analysis will help prioritize the necessary changes required to comply with the new regulation.

After analyzing the key risks, the information security officer should then update the existing security/privacy policy to ensure compliance with the new regulation. This involves revising the policies and procedures to incorporate the new regulatory requirements and updating the controls to address any identified gaps or weaknesses.

Finally, the information security officer should meet with stakeholders to decide how to comply. This step involves working with stakeholders across the organization to develop a plan for implementing the necessary changes to meet the new regulatory requirements.

In summary, the first step for an information security officer when a new regulation for safeguarding information processed by a specific type of transaction comes to their attention is to assess whether the existing controls meet the regulation. This assessment is critical to understanding the necessary changes required to ensure compliance with the new regulation. Once the assessment is complete, the officer can then analyze key risks, update the existing security/privacy policy, and meet with stakeholders to develop a compliance plan.