The document discusses the current state of smart grid security standards and compliance, highlighting significant regulatory challenges faced by utilities in mid-2010, including evolving NERC CIP standards and the implications of new legislation like the Grid Act. It emphasizes the urgency for robust cybersecurity measures while addressing the difficulty in compliance amid financial constraints and outdated infrastructure. Additionally, it outlines the roles of organizations like NIST and FERC in developing security protocols and the importance of updated standards for ensuring the integrity of smart grid systems.