In the Industry 4.0 era of smart grids, the real-world problem of blackouts and cascading failures due to cyberattacks is a significant concern and highly challenging because the existing Intrusion Detection System (IDS) falls behind in handling missing rates, response times, and detection accuracy. Addressing this problem with an early attack detection mechanism with a reduced missing rate and decreased response time is critical. The development of an Intelligent IDS is vital to the mission-critical infrastructure of a smart grid to prevent physical sabotage and processing downtime. This paper aims to develop a robust Anomaly-based IDS using a statistical approach with a machine learning classifier to discriminate cyberattacks from natural faults and man-made events to avoid blackouts and cascading failures. The novel mechanism of a statistical approach with a machine learning (SAML) classifier based on Neighborhood Component Analysis, ExtraTrees, and AdaBoost for feature extraction, bagging, and boosting, respectively, is proposed with optimal hyperparameter tuning for the early discrimination of cyberattacks from natural faults and man-made events. The proposed model is tested using the publicly available Industrial Control Systems Cyber Attack Power System (Triple Class) dataset with a three-bus/two-line transmission system from Mississippi State University and Oak Ridge National Laboratory. Furthermore, the proposed model is evaluated for scalability and generalization using the publicly accessible IEEE 14-bus and 57-bus system datasets of False Data Injection (FDI) attacks. The test results achieved higher detection accuracy, lower missing rates, decreased false alarm rates, and reduced response time compared to the existing approaches.