“[W]hat could happen if a smart meter is compromised? Similarly, what are the problems that could result if the connectivity of a smart meter is disrupted? Let us see.
Perhaps the most obvious risk is simple: meter tampering. If a smart meter can be hacked, inaccurate information can be sent back to the utility, allowing an attacker to adjust the reading and resulting in an inflated bill. Let’s say, for example, that you have an argument with your neighbor. In revenge, if he can access your smart meter, you might see a rather large electric bill. …
… Power savings are frequently promoted as a benefit of smart meters. However, power consumption is also a good way of checking if someone is in a home or not.
Let’s say that a vulnerability made it easy for somebody other than the homeowner or the utility to see what the power usage was. (It could be as easy as a poorly-designed API, mobile app, or website.) The smart meter would then essentially become a giant ‘please rob me’ sign for properly equipped thieves.”
Alternately, if that smart meter can be controlled remotely, you now have an excellent way to carry out extortion. Such a nice house you have there, it’d be shame if anything bad happened to its power. ….” [emphasis added]
Also referenced in the article is a video (shown below) called “The Risk of Adopting a Smarter Energy Future.” The video is pro-industry yet acknowledges the risks.
It is a shame that smart grid advocates don’t wake up and realize the costs and risks associated with smart meters far outweigh any mythical benefits. At least some of them are beginning to acknowledge the risks. That is progress I suppose.