The cyber security position of Finnish smart metering was analysed in a research project together with key stakeholders. In this paper, the project and its results are presented. The stakeholders comprised the representatives of Distribution System Operators, and technology and service providers. The targets of analysis were their state-of-the-practice solutions existing in the field. Nearly all consumers already had smart meters, settlement based on real, hourly interval-metered consumption and access to their own consumption data via the Internet. The primary contributions of this paper are twofold. First, the findings of the analysis, i.e., the risks and the risk levels (occurrence frequencies and severities) as experienced by the stakeh...