The conventional power systems are evolving as smart grids. In recent times cyberattacks on smart grids have been increasing. Among diferent attacks, False Data Injection (FDI) is considered as an emerging threat that has signifcant impact. By exploiting the vulnerabilities of IEC 61850 Generic Object-Oriented Substation Events (GOOSE) and Sampled Values (SV) attackers can launch diferent FDI attacks. In this paper, a real-time set up capable of simulating FDI on GOOSE and SV protocols is developed to evaluate the impact of such attacks on power grid. IEC 62351 stipulates cybersecurity guidelines for GOOSE and SV, but only at communication or Information Technology (IT) level. Hence there is a need to develop a holistic security both at IT and Operation Technology (OT) level. In this regard, a novel sequence content resolver-based hybrid security scheme suitable to tackle FDI attacks on GOOSE and SV is proposed. Furthermore,the computational performance of the proposed hybrid security scheme is presented to demonstrate its applicability to the time critical GOOSE and SV protocols.