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The correct memo addressing the need for regulatory compliance related to personally identifiable information (PII) breaches is M-07-16. This memo establishes guidelines that organizations must follow to ensure the protection of sensitive data, including PII. It outlines strategies for compliance with regulatory requirements and best practices for incident response in the event of a data breach. The focus on PII highlights the importance of safeguarding personal information against unauthorized access and ensuring that appropriate measures are in place to prevent data loss.

In this context, other memos do not specifically address the compliance aspects related to PII breaches. Each of those memos may focus on different regulatory, administrative, or operational topics that do not pertain directly to the protection of personally identifiable information. Therefore, M-07-16 stands out as the critical document for understanding the regulatory obligations surrounding PII breaches.