This systematic literature review focuses on the digitalization theme and its associated risks, particularly cyber risks. Conducted through a comprehensive exploration of the Scopus database over two decades, employing keywords such as "digitalization," "digitization," and "digital risks," this research aimed to understand the evolution of terminology and scholarly discourse in this domain. The investigation initially targeted "digital risks" but shifted towards keywords like "cyber risks," "cybersecurity," and "cyber resilience" to reflect the changing landscape. The review traces the origins of the often-employed keyword "industry 4.0" and its impact on research interests, prompting a focus on more recent publications due to the rapid pace of development in the field. The study follows a structured process for systematic literature review, providing insights into researchers' perceptions, challenges, and approaches in addressing cyber risks and related concepts. Each section of the study offers a concise overview based on the findings in published articles, contributing to a deeper understanding of cyber risks across interdisciplinary perspectives.