Tohid Shekhari, and Professor Raheem Beyah of the Georgia Institute of
Technology, share their research showing how an "IoT Skimmer" - a massive
botnet consisting of thousands of connected high-wattage IoT devices and
appliances, such as connected refrigerators, air conditioners and heaters,
could cause sufficient demand-side power fluctuations to influence energy
prices and create financial damage by targeting utility firms.
Their research found that an increase or decrease of only 1% of power consumption is sufficient to manipulate prices and would be very difficult to detect. Malicious actors to whom these tactics could appeal include competitive companies seeking to financially damage another utility, nation-states wanting to cause economic disruption, and financial market profiteers.
Hosted by Derek Harp from Miami Cyber Security for Control Systems