"A cyberattack on the power grid could erode trust in key U.S. institutions and cause billions of dollars in damage, a top White House advisory group said Friday.

The Council of Economic Advisers said that "insufficient" investment in security across critical infrastructure sectors exacerbates the risk posed by hackers. But the council's report concluded that private firms are still in the best position to ward off a devastating cyberattack.

"An attack launched against the electric grid could affect large swaths of the U.S. economy because most economic activity is dependent on access to electricity," the report said, citing a 2015 study by the Lloyd's insurance market operator and the University of Cambridge's Centre for Risk Studies that found a worst-case cyber event could cost the U.S. economy $1 trillion."

Blake Sobczak reports for EnergyWire February 20, 2018. [2]