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As a critical infrastructure, the electric power grid is vulnerable with respect to malicious physical and cyberattacks. This chapter discusses critical vulnerabilities of a smart grid that can be exploited for physical and cyber intrusions. A comprehensive survey is conducted on the state‐of‐the‐art research to enhance the physical and cybersecurity in a smart grid environment. Furthermore, the interdependency of physical and cybersecurity is illustrated with an intrusion scenario. The emphasis is on the physical and cybersecurity of power substations. Computer simulation results for a case study are presented. The physical power grid and communication infrastructure supporting the smart grid together form a large, complex, and interdependent cyber‐physical system (CPS). A physical security monitoring system (PSMS) integrates people, procedures, and equipment for the protection of assets or facilities …