Methodology for quantifying the economic impact of cyberattacks on bulk electric systems

Dong Joo Kang, Hyun Tae Kim, Sungyun Choi

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

Abstract

As cyber assets have become essential components in the operation of bulk electric power systems, cyberattacks can make massive impacts on physical systems, eventually causing severe economic losses. The paper presents methods to measure the economic impacts of cyberattacks in various sectors of bulk electric systems such as the energy management system (EMS), generations systems, and transmission systems. This paper explains the interaction mechanisms of how cyber threats can affect physical electric systems and, then, presents how to measure economic losses incurred by those cyber threats. These economic losses include power outage costs, transmission loss, and operating loss. The paper describes possible cyberattack scenarios in the three essential electric power systems, as well as simulation methods to measure resultant economic losses.

Original languageEnglish
Title of host publication2019 IEEE/IAS 55th Industrial and Commercial Power Systems Technical Conference, I and CPS 2019
PublisherInstitute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)9781538675519
DOIs
Publication statusPublished - 2019 May 1
Event55th IEEE/IAS Industrial and Commercial Power Systems Technical Conference, I and CPS 2019 - Calgary, Canada
Duration: 2019 May 52019 May 8

Publication series

NameConference Record - Industrial and Commercial Power Systems Technical Conference
Volume2019-May

Conference

Conference55th IEEE/IAS Industrial and Commercial Power Systems Technical Conference, I and CPS 2019
CountryCanada
CityCalgary
Period19/5/519/5/8

Keywords

  • Cyber threat
  • Cyber-physical systems
  • Cyberattack
  • Cybersecurity
  • Impact analysis

ASJC Scopus subject areas

  • Engineering(all)

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  • Cite this

    Kang, D. J., Kim, H. T., & Choi, S. (2019). Methodology for quantifying the economic impact of cyberattacks on bulk electric systems. In 2019 IEEE/IAS 55th Industrial and Commercial Power Systems Technical Conference, I and CPS 2019 [8733322] (Conference Record - Industrial and Commercial Power Systems Technical Conference; Vol. 2019-May). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/ICPS.2019.8733322