Abstract
The greater digitalization of smart grid infrastructure offers opportunities to innovate, while simultaneously providing the potential to face severe cybersecurity challenges. In avoiding this issue, a proper risk assessment methodology is needed to provide a solution that will provide a proper balance between the advancements of technologies and the corresponding threats to the associated security. In this paper, a MCDM-based risk assessment system is provided that evaluates threats and can reduce the threats of smart grids. It integrates AHP, TOPSIS, and ELECTRE to properly consider various factors of threats, plan priority measures of security, and improve the decision-making approach to the best possible extent. The suggested approach actually offers the opportunity to the stakeholders to compromise between the security aspect and the advancements by analyzing the threats of cybersecurity threats, operational expenditures, and the advancements of technologies. It is demonstrated that a multi-criteria risk analysis increases the stability and effectiveness of the decision-making approach. Therefore, the suggested approach is needed to manage the smart grid security.