Utilities are used to deploying electric meters that last 20-30 years in the field.

They are also deploying “smart” meters to enable variable pricing and cut down on their projected labor force.

Smart technology, meet good, old-fashioned human greed.

Electric Company employees have altered meters in Puerto Rico (and elsewhere) for a few-hundred dollars.

In the process, they have cost the utilities hundreds of millions of dollars.

Poorly secured electric meters, meet the internet.

From Krebs On Security:

Smart meters are intended to improve efficiency, reliability, and allow the electric utility to charge different rates for electricity at different times of day. Smart grid technology also holds the promise of improving a utility’s ability to remotely read meters to determine electric usage.But it appears that some of these meters are smarter than others in their ability to deter hackers and block unauthorized modifications. The FBI warns that insiders and individuals with only a moderate level of computer knowledge are likely able to compromise meters with low-cost tools and software readily available on the Internet.

via FBI: Smart Meter Hacks Likely to Spread — Krebs on Security.