To assess and prevent the smart grid information security risks more effectively, this paper provides risk index quantitative calculation method based on absorbing Markov chain to overcome the deficiencies that links between system components were not taken into consideration and studies mostly were limited to static evaluation. The method avoids the shortcomings of traditional Expert Score with significant subjective factors and also considers the links between information system components, which make the risk index system closer to the reality. Then, a smart grid information security risk assessment model on the basis of set pair analysis improved by Markov chain was established. Using the identity, discrepancy, and contradiction of connection degree to dynamically reflect the trend of smart grid information security risk and combining with the Markov chain to calculate connection degree of the next period, the model implemented the smart grid information security risk assessment comprehensively and dynamically. Finally, this paper proves that the established model is scientific, effective, and feasible to dynamically evaluate the smart grid information security risks.

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