The FIRST action for an information security manager to take when presented with news that new regulations are being applied to how organizations handle sensitive data is to determine:

ISACA CISM Exam syllabus in brief:

Information Security Governance    
A. Enterprise Governance
B. Information Security Strategy

Information Security Risk Management    
A. Information Security Risk Assessment
B. Information Security Risk Response

Information Security Program    
A. Information Security Program Development
B. Information Security Program Management

Incident Management    
A. Incident Management Readiness
B. Incident Management Operations