Integrating smart solutions into the existing power infrastructure promises to offer attractive capabilities of dynamic monitoring, measuring and even controlling power flows in real time that can help identify losses and trigger appropriate technical and managerial actions to minimize the damage. With the vision of building a Smart India, Government of India’s National Smart Grid Mission (NSGM) is solely aimed at providing functional resources and financial assistance in planning and implementation of smart grids across the nation. NSGM proposes comprehensive solutions for the development, establishment, operations and management of smart grids, stipulate training & capacity building, strengthen consumer engagement and dispense funding to state-owned discus. Smart grid solutions vastly employ information technology in the underlying roots in varying forms of networking and application aspects to enable monitoring and control of the flow of electricity to end users. The extensive incorporation of information technology provides numerous benefits to the grid operations and management, such as increased visibility, predictability, in addition to the regulation of generation and demand to improve efficiency. However, this enhanced use of information technology to the grid has in parallel introduced the dimension of cybercrime to the smart grid as the grid is now constantly connected to the Internet and can be exploited by hackers by leveraging the wide array of cyber security vulnerabilities. Security of the smart grid is essential to ensure uninterrupted power supply and minimize resulting losses. Compromise of the grid may result in a huge information or business losses by the means of cyber espionage or grid collapse. An uninterrupted power supply lies at the heart of all sectors and failures to the same will result in cascading damages, compelling the establishment of robust smart grids. The paper offers insight into key cyber security threats and vulnerabilities concerning the smart grid technology and proposes protection strategies, methodologies, and technologies to safeguard the smart grid from resulting security damages.