New Ernst & Young LLP report guides companies on managing smart grid security risks

New Ernst & Young LLP report guides companies on managing smart grid security risks

New York, February 15, 2012 – Confidence in new technologies has been one of the leading challenges among utilities – and customers – in upgrading to the smart grid. However, with the proper control systems in place, risks can be anticipated and minimized, according to a new report from Ernst & Young LLP, “Attacking the Smart Grid,”

The paper outlines steps utilities can take to properly test for potential infrastructure breaches. Ernst & Young LLPs Advisory Service Power & Utilities Practice is now advising some of the world’s largest utilities on how to effectively launch smart grid technology by implementing these prevention guidelines.

Ernst & Young LLP’s research found the benefits to utilities, customers and the environment can exceed the concerns of costs and efforts to upgrade. Some of those benefits include:

Flexible distribution
Easier outage restoration
Enhanced usage monitoring
Variable pricing structure
Tighter generation control and less waste
Centralized control of household appliances
“These are real benefits that can be passed on to customers. But it takes careful grid construction, review and extensive testing,” said Gary Paul, a partner in Ernst & Young LLP’s Power & Utilities practice. “This means that utilities need a strong technological foundation that follows strict security standards.”

The paper instructs utilities on how customized penetration testing can identify control gaps, help quantify risks and define common network vulnerabilities.

“To move forward with smart grid, energy providers must show that the data is reliable and all security steps have been followed. Only then can they build trust among customers,” said Jose Granado, Ernst & Young LLP’s director of Americas Information Security Services and a co-author of the paper.

To learn more about securing the smart grid, download a copy of Attacking the Smart Grid.

About Ernst & Young’s Advisory Services
The relationship between risk and performance improvement is an increasingly complex and central business challenge, with business performance directly connected to the recognition and effective management of risk. Whether your focus is on business transformation or sustaining achievement, having the right advisors on your side can make all the difference. Our 23,000 advisory professionals form one of the broadest global advisory networks of any professional organization, delivering seasoned multidisciplinary teams that work with our clients to deliver a powerful and superior client experience. We use proven, integrated methodologies to help you achieve your strategic priorities and make improvements that are sustainable for the longer term. We understand that, to achieve your potential as an organization, you require services that respond to your specific issues, so we bring our broad sector experience and deep subject matter knowledge to bear in a proactive and objective way. Above all, we are committed to measuring the gains and identifying where the strategy is delivering the value your business needs. It’s how Ernst & Young makes a difference.

About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

For more information, please visit http://www.ey.com. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

This news release has been issued by Ernst & Young LLP, a US client-serving member firm of Ernst & Young Global Limited.

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  1. Industry News » Blog Archive » New Ernst & Young LLP report guides companies on managing smart grid security risks - February 17, 2012

    [...] the article here: New Ernst & Young LLP report guides companies on managing smart grid security risks Tags: accounting, article, careers, energy, oracle, stumbleupon, technology, [...]

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