Abstract
Smart Grid (SG) technology utilizes advanced network communication and monitoring technologies to manage and regulate electricity generation and transport. However, this increased reliance on technology and connectivity also introduces new vulnerabilities, making SG communication networks susceptible to large-scale attacks. While previous surveys have mainly provided high-level overviews of SG architecture, our analysis goes further by presenting a comprehensive architectural diagram encompassing key SG components and communication links. This holistic view enhances understanding of potential cyber threats and enables systematic cyber risk assessment for SGs. Additionally, we propose a taxonomy of various cyberattack types based on their targets and methods, offering detailed insights into vulnerabilities. Unlike other reviews focused narrowly on protection and detection, our proposed categorization covers all five functions of the National Institute of Standards and Technology cybersecurity framework. This delivers a broad perspective to help organizations implement balanced and robust security. Consequently, we have identified critical research gaps, especially regarding response and recovery mechanisms. This underscores the need for further investigation to bolster SG cybersecurity. These research needs, among others, are highlighted as open issues in our concluding section.