Latency is a key characteristic inherent to any computer system. Motion-to-Photon (MTP) latency describes the time between the movement of a tracked object and its corresponding movement rendered and depicted by computer-generated images on a graphical output screen. High MTP latency can cause a loss of performance in interactive graphics applications and, even worse, can provoke cybersickness in Virtual Reality (VR) applications. Here, cybersickness can degrade VR experiences or may render the experiences completely unusable. It can confound research findings of an otherwise sound experiment. Latency as a contributing factor to cybersickness needs to be properly understood. Its effects need to be analyzed, its sources need to be identified, good measurement methods need to be developed, and proper counter measures need to be developed in order to reduce potentially harmful impacts of latency on the usability and safety of VR systems. Research shows that latency can exhibit intricate timing patterns with various spiking and periodic behavior. These timing behaviors may vary, yet most are found to provoke cybersickness. Overall, latency can differ drastically between different systems interfering with generalization of measurement results. This review article describes the causes and effects of latency with regard to cybersickness. We report on different existing approaches to measure and report latency. Hence, the article provides readers with the knowledge to understand and report latency for their own applications, evaluations, and experiments. It should also help to measure, identify, and finally control and counteract latency and hence gain confidence into the soundness of empirical data collected by VR exposures. Low latency increases the usability and safety of VR systems.