The cyber-physical nature of the smart grid has rendered it vulnerable to a
multitude of attacks that can occur at its communication, networking, and
physical entry points. Such cyber-physical attacks can have detrimental effects
on the operation of the grid as exemplified by the recent attack which caused a
blackout of the Ukranian power grid. Thus, to properly secure the smart grid,
it is of utmost importance to: a) understand its underlying vulnerabilities and
associated threats, b) quantify their effects, and c) devise appropriate
security solutions. In this paper, the key threats targeting the smart grid are
first exposed while assessing their effects on the operation and stability of
the grid. Then, the challenges involved in understanding these attacks and
devising defense strategies against them are identified. Potential solution
approaches that can help mitigate these threats are then discussed. Last, a
number of mathematical tools that can help in analyzing and implementing
security solutions are introduced. As such, this paper will provide the first
comprehensive overview on smart grid security
