The incorporation of communication technology with Smart Grid (SG) is proposed as an optimal solution to fulfill the requirements of the modern power system. A smart grid integrates multiple energy sources or microgrids and is supported by an extensive control and communication network using the Internet of Things (IoT) for a carbon-free, more reliable, and intelligent energy system. Along with many benefits, the system faces novel security challenges, data management, integration, and interoperability challenges. The advanced control and communication network in the smart grid is susceptible to cyber and cyber-physical threats. A lot of research has been done to improve the cyber security of the smart grid. This review aims to provide an overview of the types of cyber security threats present for smart grids with an insight into strategies to overcome the challenges. As the selection of techniques and technologies may vary according to the threats faced, therefore the adoption of researched methods is compared and discussed. As cyber-security is the greatest challenge in smart grid implementation, this review is beneficial during the planning and operation of smart grids for enhanced security.