This report describes the importance of comprehensive evaluation of security of smart grid technology, such as attacks employing both cyber and physical means. It also mentions that NIST's cybersecurity guidelines for smart grid, which was published in August 2010, do not cover few critical possibilities. Although NIST is on the process of releasing an upgraded version, this lack was one of the main instigators of this report. The objectives of this report are presented by discussing their importance and how the objectives are achieved. The three objectives were to (1) assess the extent to which NIST has developed smart grid cybersecurity guidelines; (2) evaluate FERC's efforts to adopt smart grid cybersecurity and other standards and monitor their use by industry; and (3) identify challenges associated with ensuring the cybersecurity of the smart grid.