Aims: This paper addresses critical security challenges of the smart power grid due to the tight coupling between cyber and physical systems.It features approaches to inform utilities, policymakers, researchers, and consumers about practices to reduce the risks from cyber attacks.Study Design: The paper introduces key cyber-physical systems and standards of the smart grid; identifies the security threats; and shows the need for protection at various levels of the power grid.A risk-based approach has been proposed, which could be implemented to achieve the vision of a secure smart grid infrastructure.Place and Duration: The study was carried out in Ottawa, Ontario, Canada during the period of January 2012 to January 2013.Methodology: Risk in the context of the smart grid,security threats, priorities, and countermeasures have been presented anda combined framework for risk management that can be translated into continuous security improvement programs has been proposed. Conclusion: The proposed framework calls for a coordinated assessment of cyber and physical risks keeping the whole grid security goals in mind. Integrated risk management approaches are significantly needed to efficiently guide resource allocations and optimize practices at all levels of the smart grid platform to identify the risk, measure it, minimize it, and finally engineer out the risks by the use of available resources, to an acceptable and approved standards.
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