Financial impacts of smart meter security and privacy breach

Research output: Chapter in Book/Report/Conference proceedingConference contribution

6 Citations (Scopus)

Abstract

Many power utility companies around the world are moving towards smart grid, which integrates power delivery infrastructure with information and communication technologies. Smart meter is one of the main components of smart grid. The task of a smart meter is to track energy consumption of a premise and send that information to the utility company. Although the use of smart meter has many benefits, there are a number of security concerns regarding its usage. One particular concern is regarding the impacts of security and privacy breach of smart meter. This paper focuses on the financial impacts of smart meter security and privacy breach. The financial impacts discussed in this paper are derived from the impacts of security and privacy breach described in the literature. It is found out that the financial loss may involve various parties including the premise owner, the utility company, as well as the nation. The amount of loss can also go up to billions of dollars. Given the large group of people who may be involved and the large amount of money to be potentially lost should a security or privacy breach occur, it is very important for power companies to establish a security policy regarding smart meter and to allocate reasonable amount of resources to secure the deployed smart meter as well as the rest of the smart grid infrastructure.

Original languageEnglish
Title of host publicationConference Proceedings - 6th International Conference on Information Technology and Multimedia at UNITEN
Subtitle of host publicationCultivating Creativity and Enabling Technology Through the Internet of Things, ICIMU 2014
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages11-14
Number of pages4
ISBN (Electronic)9781479954230
DOIs
Publication statusPublished - 23 Mar 2015
Event6th International Conference on Information Technology and Multimedia, ICIMU 2014 - Putrajaya, Malaysia
Duration: 18 Nov 201420 Nov 2014

Other

Other6th International Conference on Information Technology and Multimedia, ICIMU 2014
CountryMalaysia
CityPutrajaya
Period18/11/1420/11/14

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All Science Journal Classification (ASJC) codes

  • Computer Networks and Communications
  • Computer Science Applications
  • Information Systems
  • Software

Cite this

Yussof, S., Rusli, M. E., Yusoff, Y., Ismail, R., & Abdul Ghapar, A. (2015). Financial impacts of smart meter security and privacy breach. In Conference Proceedings - 6th International Conference on Information Technology and Multimedia at UNITEN: Cultivating Creativity and Enabling Technology Through the Internet of Things, ICIMU 2014 (pp. 11-14). [7066595] Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/ICIMU.2014.7066595