Methodology for Quantifying the Economic Impact of Cyberattacks on Bulk Electric Systems

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.