"Baking and Boiling Botnets Could Drive Energy Market Swings and Damage"

A study conducted by researchers at the Georgia Institute of Technology suggests that botnets made up of electric ovens, hot-water heaters, electric vehicle chargers, air-conditioners, and other internet-connected high-wattage appliances, could be used by attackers to increase or decrease energy demand artificially. The ability to manipulate energy demand via botnets could allow attackers to affect electricity market prices in a way that creates a business advantage or harms a country's economy. According to researchers, the proposed energy market manipulation cyberattack, dubbed "IoT Skimmer," would be hard to detect if power demand manipulation remains within a specific range. In order to defend against the attack, researchers suggest implementing integrated monitoring of normal power usage of high-wattage IoT-connected devices. They also recommend that access to data on expected energy demand is restricted to those who must use it. This article continues to discuss how the IoT Skimmer attack can manipulate the energy market and suggested strategies for preventing the attack. 

Georgia Tech reports "Baking and Boiling Botnets Could Drive Energy Market Swings and Damage"