AbstractThe field of cyber risks is rapidly expanding, yet significant research remains to be conducted. Numerous taxonomy‐based systems have been proposed in both the academic literature and industrial practice to classify cyber risk threats. However, the fragmentation of various approaches has resulted in a plethora of taxonomies, often incongruent with one another. In this study, we undertake a comprehensive review of these alternative taxonomies and offer a common framework for their classification based on their scope. Furthermore, we introduce desirable properties of a taxonomy, which enable comparisons of different taxonomies with the same scope. Finally, we discuss the managerial implications stemming from the utilization of each taxonomy class to support decision‐making processes.