Cloud systems are now highly pervasive and provide significant opportunities for adversaries to attack these systems. Therefore, there is a need to understand how attacks can be performed in a Cloud environment. It is important to perform this analysis for historical attacks — to analyse what happened and what alternate routes an adversary could have taken to reach their goals. However, it is also important to have a capability to perform speculative analysis in terms of what potential attacks could have been performed considering a specific set of vulnerabilities. Therefore, this work investigated modelling the dynamic cloud environment, threats to it and how an adversary could reach specific goals.