Smart Grid network continuously monitors the electricity demand and usage through various smart appliances. Continuous monitoring generates a large amount of redundant data. Besides that, the data is sensitive to attacks. To overcome these challenges, we have designed an integrated approach for a smart grid using the data compression and encryption algorithm. We have used the DRACO algorithm for data compression. Further, we have designed an improved chaotic cubic map algorithm by hybrid it with AES layers to enhance security. For validation purposes, the data is randomly generated and various performance metrics are calculated for it. In the last, the proposed integrated approach is compared with the existing approaches. The results show that the proposed approach is superior to the existing approaches.