Smart Grids are intelligent next generating Electric Power System (EPS) that provide environment-friendliness, high-efficiency, and high-trustworthiness by integrating information and communication technology with electric power technology. Smart grids help to supply power more efficiently and safely than past systems by bilaterally exchanging information between the user and power producer. In addition, it alleviates environmental problems by using renewable energy resources. However, smart grids have many cyber security risks because of the bilateral service, the increase of small and medium-sized energy resources, and the installation of multi-sensors or control devices. These cyber risks can cause critical problems within a national grid through even small errors. Therefore, in order to reduce these risks, it is necessary to establish a cyber security strategy and apply it from the developmental stage to the implementation stage. This thesis analyzes and recommends security strategy in order to resolve the security risks. By applying cyber security strategy to a smart grid, it will provide a stepping-stone to creating a safe and dependable smart grid.