The rapid evolution of the power grid into a smart one calls for innovative and compelling means to experiment with the upcoming expansions, and analyze their behavioral response under normal circumstances and when targeted by attacks. Such analysis is fundamental to setting up solid foundations for the smart grid. Smart grid Hardware-In-the-Loop (HIL) co-simulation environments serve as a key approach to answer questions on the systems components, functionality, security concerns along with analysis of the system outcome and expected behavior. In this paper, we introduce a HIL co-simulation framework capable of simulating the smart grid actions and responses to attacks targeting its power and communication components. Our testbed is equipped with a real-time power grid simulator, and an associated OpenStack-based communication network. Through the utilized communication network, we can emulate a multitude of attacks targeting the power system, and evaluating the grid response to those attacks. Moreover, we present different illustrative cyber attacks use cases, and analyze the smart grid behavior in the presence of those attacks.