What should a global information security manager do FIRST when informed that a new regulation with significant impact will go into effect soon?

A vulnerability assessment identifies technical weaknesses, but it does not directly address the organization's compliance posture against new regulatory mandates.

A Business Impact Analysis (BIA) evaluates the potential effects of disruption on critical business functions, which is not the primary immediate concern when a new regulation looms.

A privacy impact assessment (PIA) specifically focuses on privacy risks when processing personal data, which is a subset of a broader regulatory impact and may not cover all aspects of a 'new regulation with significant impact.'

A gap analysis systematically compares the organization's current security policies, controls, and processes against the specific requirements of the new regulation. This identifies precisely what changes are needed to achieve compliance, making it the most logical and efficient first step to address a new regulation with significant impact.