This panel presentation will provide perspectives of cyber-physical system security of smart grids. As smart grid technologies are deployed, the interconnected nature of these systems is becoming more prevalent and more complex, and the cyber component of this cyber-physical system is increasing in importance. Studying system behavior in the face of failures (e.g., cyber attacks) allows a characterization of the systems' response to failure scenarios, loss of communications, and other changes in system environment (such as the need for emergent updates and rapid reconfiguration). The impact of such failures on the availability of the system can be assessed and mitigation strategies considered. Scenarios associated with confidentiality, integrity, and availability are considered. The cyber security implications associated with the American Recovery and Reinvestment Act of 2009 in the United States are discussed.