A Review of Cybersecurity Issues in Smart Meter-Based Energy Trading

Smart meters increasingly operate as grid-edge sensing and communication nodes, extending their role beyond conventional digital billing by generating records for local energy trading. In such settings, smart meter-derived records may support coordination, participant interaction, validation, billing, and settlement across different trading architectures. Once these records leave the metering edge, their security and privacy risks depend on how they are routed, reused, protected, and interpreted across centralized, transactive, and peer-to-peer trading workflows. In this review, we examine smart meter-based energy trading through a record-centric and framework-oriented lens. We first clarify the role of smart meters and smart meter-derived records, then compare three representative trading frameworks in terms of data-path structure, coordination pattern, trust organization, and validation or settlement positioning. Building on the comparison, we identify three lifecycle-based layers of issues: record integrity and temporal consistency, insecure transmission and interface access security, and confidentiality and privacy exposure. We also review existing mitigation mechanisms and remaining limitations for each issue layer. We conclude that future work should prioritize lifecycle-wide record governance, temporal continuity, privacy-accountability co-design, and deployable protection across hybrid trading environments.