Regulatory requirements are the rules and standards that an organization must follow to comply with the laws and regulations that apply to its industry, sector, or jurisdiction. Regulatory requirements can affect how an organization manages its information assets, such as data, documents, records, and reports. Information assets are valuable and sensitive resources that need to be protected from unauthorized access, use, disclosure, modification, or destruction1. Regulatory requirements can specify how information assets should be classified, labeled, handled, stored, transmitted, retained, disposed, and audited23. Failing to comply with regulatory requirements can result in legal penalties, reputational damage, financial losses, or operational disruptions for the organization3. Therefore, regulatory requirements are the primary consideration when developing an information asset management program. The other options are not the primary consideration when developing an information asset management program, although they may be relevant or important factors. Operational requirements are the needs and expectations of the organization and its stakeholders for how information assets should support its business processes and objectives4. Industry best practice are the methods and techniques that have proven to be effective and efficient in managing information assets in a similar context or domain5. Cost benefit is the analysis of the advantages and disadvantages of investing in an information asset management program in terms of resources, time, and money6. These options are all secondary or subordinate to regulatory requirements, because they do not have the same legal or mandatory force. An organization can choose to adapt or modify its operational requirements, industry best practice, or cost benefit analysis based on its situation and preferences, but it cannot ignore or violate its regulatory requirements without consequences.
1:
https://www.cio.com/article/202183/what-is-data-governance-a-best-practices-framework-for-managing-d
5:
https://www.isaca.org/resources/isaca-journal/issues/2023/volume-2/what-is-best-practice-in-information-s
4: https://www.gartner.com/en/information-technology/glossary/operational-requirements
2:
https://advisera.com/27001academy/blog/2014/05/12/information-classification-according-to-iso-27001/
3:
https://www.csoonline.com/article/570281/csos-ultimate-guide-to-security-and-privacy-laws-regulations-a
6: https://www.investopedia.com/terms/c/cost-benefitanalysis.asp