Cyber threats in Australia are increasing in frequency and complexity. The Australian Cyber Security Centre (ACSC)  reports a sharp rise in increasingly sophisticated attacks targeting sectors such as finance, energy, government, and healthcare. At the same time, the average cost of a cyber incident for a medium-sized Australian business has reached $97,200, highlighting the growing financial and operational impact of cybercrime.

For many organisations, the challenge is no longer just preventing breaches. It is understanding how effectively they can detect, respond to, and recover from an attack under real-world conditions.

CORIE (Cyber Operational Resilience Intelligence-led Exercises) is a framework developed by the Council of Financial Regulators (CFR) to test how well organisations can detect, respond to, and recover from realistic cyber attack scenarios using intelligence-led simulations. 

Rather than focusing only on technical vulnerabilities, CORIE evaluates people, processes, and technology together, simulating realistic adversary behaviour to assess how organisations perform under pressure.

This is where CORIE becomes critical to modern cyber resilience strategies. 

What is the CORIE Framework?

CORIE is part of a broader shift in cyber security from control validation to resilience testing.

While traditional assessments focus on identifying vulnerabilities, CORIE is designed to evaluate how well an organisation responds to a targeted, realistic attack scenario.

It does this through a combination of: 

    • Threat intelligence to model realistic adversaries

    • Adversary simulation to replicate real attack behaviour

    • Cross-functional testing across security, IT, and leadership teams

 This approach helps organisations assess not just whether controls exist, but whether they actually work under pressure. 

Although CORIE was originally developed for Australia’s financial sector, its principles are now widely applied by organisations seeking to strengthen incident response capability and operational resilience.

Why CORIE matters for cyber resilience

Traditional cyber security testing often focuses on individual vulnerabilities or system weaknesses. While valuable, these assessments rarely reveal how well an organisation performs during a coordinated cyber incident.

In practice, this is where many organisations uncover gaps. CORIE addresses this by testing how your organisation operates during a coordinated cyber incident, including detection, response, communication, and decision-making across teams. 

For many organisations, these exercises highlight issues that are difficult to identify through standard testing alone, particularly around coordination, communication, and decision-making under pressure.

The result is a realistic assessment of how effectively an organisation can respond to a targeted cyber attack.

CORIE Red Teaming

CORIE vs traditional red teaming

Traditional red team exercises simulate attacker behaviour to identify vulnerabilities in systems and networks. However, the structure, governance, and provider requirements can vary significantly between engagements.

CORIE takes a more structured, intelligence-led approach that evaluates how organisations detect, respond to, and manage cyber incidents across people, processes, and technology in real scenarios. 

Traditional red teaming

    • Typically focused on technical exploitation and attack simulation

    • Engagement structure varies depending on the provider

    • Provider certifications may include OSCP, OSCE, CRTO, GXPN, or OSEP, but these are not formally required or tied to specific roles

    • Often conducted as point-in-time assessments

CORIE-aligned red teaming

    • Intelligence-led simulations based on real threat actors

    • Tests people, processes, and technology together

    • Evaluates detection, response coordination, and recovery capability

    • Requires certified individuals assigned to defined roles, including:

        • Red Team Lead: CREST Certified Simulated Attack Manager (CCSAM)

        • Red Team Specialist: CREST Certified Simulated Attack Specialist (CCSAS)

        • Technical roles: OSCE3 or GXPN

        • Threat Intelligence Lead: CREST Certified Threat Intelligence Manager (CCTIM) or GIAC Cyber Threat Intelligence (GCTI)

These role-based requirements, defined in the CFR CORIE Provider Guide, ensure consistency, governance, and credibility in how exercises are delivered. 

How a CORIE exercise works

A CORIE red team exercise unfolds across four stages, each designed to reveal how an organisation performs under pressure. 

CORIE Exercise Lifecycle (1)

Figure: The CORIE exercise lifecycle shows how threat intelligence, adversary simulation, and response testing work together to assess organisational resilience. 

1. Threat Intelligence preparation

The exercise begins with targeted intelligence gathering. Security specialists analyse the organisation’s industry, infrastructure, and threat environment to identify the most likely adversaries, attack techniques, and targets.

This intelligence informs the design of a realistic attack scenario tailored to the organisation’s risk profile.

2. Adversary simulation

The red team then launches a controlled simulation designed to replicate real attacker behaviour.

Common techniques may include:

    • Phishing and credential harvesting

    • Exploitation of exposed services

    • Lateral movement within the network

    • Privilege escalation

    • Data access or exfiltration attempts

The goal is not disruption, but to test detection and response capabilities under realistic conditions.

3. Detection and response testing

During the exercise, internal security teams attempt to detect and respond to the simulated attack.

In many exercises, teams are surprised by how long it takes to detect activity that would otherwise go unnoticed in day-to-day operations.

This phase evaluates:

    • Security monitoring effectiveness

    • Response playbooks and escalation procedures

    • Collaboration between security, IT, and leadership teams

    • The speed and accuracy of incident handling

Some participants may not know the exercise is underway, creating a more realistic scenario.

4. Reporting and resilience improvement

Once the simulation concludes, the red, blue, and executive teams review the findings.

The final report typically includes:

    • Technical observations and attack pathways

    • Detection and response gaps

    • Business-level impact analysis

    • Prioritised remediation actions

At this stage, the focus shifts from identifying issues to understanding how they impact operations and what needs to change to improve resilience.

These insights help organisations strengthen their detection, response, and overall resilience against future attacks.

The roles involved in a CORIE exercise

CORIE exercises involve multiple teams representing different perspectives within the organisation.

Red team
Simulates adversary behaviour through controlled cyber attack techniques.

Purple team
Facilitates collaboration between attackers and defenders to improve detection capability.

Gold team
Includes executive leadership responsible for decision-making, governance, and crisis management during an incident.

Together, these roles ensure the exercise tests technical defences, operational processes, and executive response.

SOC CORIE

What does a CORIE exercise deliver?

A CORIE-aligned engagement produces outcomes that extend beyond a typical penetration test.

For many organisations, the value lies not just in what is identified, but in how clearly those findings translate into business risk and operational impact.

Organisations can expect:

    • Executive-level reporting that translates technical findings into business risk

    • A detailed attack narrative showing how an adversary moved through the environment

    • Detection and response gap analysis across tools and teams

    • Purple team replay sessions to validate improvements

    • A prioritised remediation roadmap aligned to risk and impact

This makes CORIE particularly valuable for organisations seeking to justify security investment and improve operational readiness.

 

Business benefits of CORIE red teaming

CORIE-aligned red team exercises provide a practical way to validate cyber resilience in live attack conditions.

Unlike traditional testing, CORIE focuses on how effectively teams operate during an incident, delivering outcomes that extend beyond compliance.

Recent APRA resilience reviews highlight that incident response coordination and communication remain key challenges for many organisations. This reinforces the need for structured, intelligence-led testing that evaluates how teams detect, respond, and collaborate under pressure.

Key benefits include:

    • Proactive resilience, helping identify weaknesses before they can be exploited

    • Regulatory readiness, demonstrating strong governance and testing discipline

    • Executive visibility, translating technical findings into business risk

    • Improved incident response, strengthening detection, escalation, and containment

    • Continuous improvement, tracking maturity over time

By aligning with the CORIE framework, organisations can assess their performance against a recognised structure for resilience testing. This helps leadership connect cyber risk to operational impact and make more informed investment decisions.

When should organisations run a CORIE exercise?

Organisations typically adopt CORIE-aligned testing once they reach a certain level of security maturity.

Common triggers include:

    • Major cloud migrations, digital transformation, or system integrations

    • Mergers or acquisitions

    • Compliance or audit cycles

    • New executives or board members requiring assurance

    • A recent security incident or shift in the threat landscape

At this stage, the focus shifts from identifying vulnerabilities to validating resilience under real conditions.

For organisations at this point, a structured approach can provide a clear view of how well detection and response capabilities perform in real-world scenarios.

How to prepare for CORIE

To maximise value from a CORIE exercise, organisations should focus on preparation across people, process, and governance: 

    • Align technical, risk, and executive stakeholders: Ensure clear roles, communication paths, and shared objectives 

    • Identify critical systems (“crown jewels”): Focus testing on assets that matter most to business operations 

    • Define scope and safety boundaries: Set clear rules to ensure safe, controlled execution of the exercise 

Strong preparation ensures the exercise runs safely and produces clear, actionable insights that strengthen resilience across your business.

Prepare for CORIE

Choosing the right CORIE provider

Selecting the right partner is critical to achieving meaningful outcomes from a CORIE-aligned exercise.  A qualified provider should not just simulate attacks, but deliver insights that improve detection, response, and decision-making across the organisation. 

When evaluating providers, look for:

    • Experience delivering intelligence-led red team exercises, with demonstrated capability in adversary simulation and threat-informed testing

    • Understanding of CORIE principles and regulatory context, including how exercises align with resilience and governance objectives

    • Defined roles with relevant certifications and experience, with clear assignments across the red team and threat intelligence functions

    • Strong threat intelligence capability, able to model realistic adversaries based on your industry and environment

    • Ability to translate technical findings into business impact, with reporting that supports executive decision-making

    • End-to-end delivery across the exercise lifecycle, from planning and simulation through to reporting and remediation guidance

A CORIE-aligned provider should help organisations move beyond identifying vulnerabilities to understanding how effectively they can respond under real-world conditions.

CORIE-aligned cyber resilience testing

The Missing Link provides cyber security services, including penetration testing, adversary simulation, and managed security services, helping organisations reduce cyber risk and improve resilience. The Missing Link supports organisations across Australia with CORIE-aligned red team exercises and cyber resilience programs. By combining deep offensive security expertise with structured, intelligence-led testing, organisations gain a clear understanding of how their security capabilities perform under real-world conditions.

Prove your cyber resilience

Cyber resilience isn't proven through tools or compliance alone. It's proven through realistic testing of how your organisation performs during an attack.
CORIE-aligned exercises provide a structured, intelligence-led approach to measuring that readiness.

Assess. Simulate. Strengthen.

Speak with The Missing Link’s cyber resilience experts to evaluate your readiness and plan a CORIE-aligned resilience exercise.

Learn more about CORIE readiness and red team testing.

 

Frequently asked questions

 

What is CORIE?
CORIE (Cyber Operational Resilience Intelligence-led Exercises) is a framework developed by the Council of Financial Regulators (CFR) to test how effectively organisations can detect, respond to, and recover from realistic cyber attack scenarios using intelligence-led simulations. 
Is CORIE mandatory in Australia?
CORIE is primarily designed for financial institutions and may be expected in certain regulatory contexts. However, many organisations adopt CORIE-aligned exercises voluntarily to strengthen cyber resilience and validate incident response capabilities.
How is CORIE different from penetration testing?
Penetration testing focuses on identifying vulnerabilities in systems. CORIE goes further by simulating realistic cyber attacks to evaluate how effectively an organisation’s people, processes, and technology work together to detect and respond to an incident. 
What does a CORIE exercise cost?
The cost of a CORIE-aligned exercise varies depending on the scope, complexity, and size of the organisation. These engagements are typically more comprehensive than standard penetration tests, reflecting the depth of simulation and analysis involved. 
How long does a CORIE exercise take?
A CORIE exercise can take several weeks to months, depending on the scope. This includes planning, threat intelligence development, simulation, and post-exercise reporting and remediation planning. 
Who should be involved in a CORIE exercise?
A CORIE exercise typically involves security, IT, risk, and executive stakeholders. This ensures the exercise reflects real-world decision-making, coordination, and response across the organisation. 
 


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Author

David Bingham

David Bingham is Security Sales Manager for The Missing Link’s Southern Region, where he leads with energy, empathy and a love of complex problem-solving. Known for blending strategic thinking with a passion for people, David creates space for his team—and clients—to thrive. He’s all about building trust, tackling cyber security challenges head-on, and keeping the conversation real (and fun). Whether he’s in a high-rise talking strategy or behind the decks as Melbourne techno DJ Obsessive Behaviour, David brings the same sharp focus, infectious energy and creative spark to everything he does.