This paper discusses methods to adapt advanced, state-of-the-art security measures for cyberthreat prevention and mitigation. Implementing proper system components by taking into account the cybersecurity lifecycle while applying guidelines and best practices is imperative and required to detect and verify cyberthreats efficiently. The potential implications of cyberthreats have been analyzed with real-world examples across different industries, including, but not limited to, industrial controls systems, more specifically smart grids and smart cities. In addition, emerging trends are also discussed. Cybersecurity solutions powered by artificial intelligence and machine learning are also discussed, along with the community cybersecurity model. This review paper was written to serve as a source of references for industrial and government policy-makers as well as the research community.