IoT Skimmer - Energy Market Manipulation through High-Wattage IoT Botnets

Explore the security implications of high-wattage IoT botnets in this 35-minute Black Hat conference talk. Delve into the concept of IoT Skimmer, a hierarchical structure that exploits vulnerable IoT devices to manipulate power grid demand and attack deregulated electricity markets. Examine the power grid structure, SCADA systems, smart grids, and electricity market dynamics. Investigate the feasibility of market manipulation through IoT botnets, including the threat model, attack effects, and stealth strategies. Analyze numerical results on price load sensitivity and various attack types. Conclude with a discussion on potential countermeasures to protect against these emerging threats in the IoT landscape.