AbstractThe purpose of this paper is to examine cyber security issues related to smart grids (SGs), such as prior cyber‐attacks, possible vulnerability issues, and enhanced cyber‐security procedures for SGs on a technical and management basis. When designing public policies for SGs, it is important to consider both the motivations and obstacles to cyber protection and socio‐economic conditions. Furthermore, the importance of suggested policies is viewed from various perspectives. The present paper provides an assessment of a group of policies specified by various stakeholders as having the potential for developing SG cyber security. The methodology for the formation of such a group of policies includes a perfect examination of global experience and meetings with experts from various fields. Subsequently, such policies are evaluated using a Delphi questionnaire aimed at assessing their advantages in pursuing investment goals for cyber security. The first result is that every policy is considered a positive effect of all goals, different in the priority assigned to each of them. The policies that received the most attention were: “regulatory changes policy to foster innovation in cyber security of SGs,” “regulation of new business models to improve cyber security and detect malicious attacks” and “establish a cyber‐security governance strategy.”