A reliable decision making by the operator in a smart grid is contingent upon correct analysis of intra-and-interdependencies between its entities and also on accurate identification of the most critical entities at a given point of time. A measurement based self-updating contingency list can provide real-time information to the operator about current system condition which can help the operator to take the required action. In this paper, the underlying intra-and-interdependencies between entities for a given power-communication network is captured using a dependency model called Modified Implicative Interdependency Model (MIIM) . Given an integer K, the event-driven self-updating contingency list problem gives the list of K-most critical entities, failure of which maximizes the network damage at the current time. Owing to the problem being NP complete, a fast heuristic method to generate a real-time contingency list using system measurements is provided here. The validation of the work is done by comparing the contingency list obtained for different K values using the MIIM model on a smart grid of IEEE 14-Bus system with that obtained by simulating the smart grid using a co-simulation system formed by MATPOWER and Java Network Simulator (JNS). The results also indicate that the network damage predicted by both the ILP based solution  and the proposed heuristic solution using MIIM are more realistic compared to that obtained using another dependency model called Implicative Interdependency Model (IIM) .