This article investigates and analyzes the security aspects of 5G specifications from the perspective of IoT-based smart grids. As the smart grid requires high-speed and reliable communication to enable real-time grid monitoring via Internet of Things (IoT) devices, 5G can be considered a catalyst to transform the current power grid infrastructure into a smart grid. Thus, an understanding of what 5G can bring in terms of cyber security in IoT-based smart grids is important for design decisions and future risk analysis efforts. In this article, we explore a smart grid use case on automatic voltage control—a use case utilizing 5G as a wireless communication infrastructure with edge support. We identify the benefits 5G brings to several security aspects, and show how 5G security techniques are applicable to the smart grid, thus providing a foundation for future security analysis of 5G enabled smart grid systems. Future research should extend this work to additional smart grid use cases.