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With the rise of cyber-attack activities in the recent years, research in this area has gained immense emphasis. One of such research efforts is modeling of cyber-attacks. In this context, several modeling approaches have been developed, such as approaches based on attack trees (AT). In this paper, we propose Colored Petri Net (CoPNet) modeling approach by extending the attack trees with new modeling constructs and analysis approaches. CoPNet based attack model is flexible enough to model Internet intrusion, including the static and dynamic features of the intrusion. The process and rules of building CoPNet based attack model from AT are also presented. In order to evaluate the risk of intrusion, some cost elements are added to CoPNet based attack modeling. We show how attack trees can be converted and analyzed in CoPNets. Finally, we provide a case study that illustrates the CoPNet approach.