The funny thing is, the antiquity of our grid is one of the factors that best protects it. Any successful attack on the grid would also have to contain some actual ground elements taking out physical equipment. And, because so much of the grid is made up of independent and offline systems, it'd be difficult to affect a larger area without a coordinated attack with both cyber and physical elements.
It's one of the reasons Congress continually ignores the threat to the grid. However, as more and more of the grid becomes automated and online, this risk is increasing exponentially, each year.
The largest problem remains the insanely long lead time to replace key components, should they need it. Some equipment would take up to 18 months to fill an order. Now, in an urgent situation, this may be a LOT less, but even still, can you imagine a major urban center without power for a month or two even? Pure chaos after a week or more.