In a digital world, the national economy and welfare have grown critically dependent on the cyber infrastructure due to the capabilities and opportunities the Internet provides. This leaves organizations open to various forms of malicious attack by cybercriminals which has overwhelmed some current methodologies used for tracking cyber attacks and vulnerabilities. This paper presents a review of literature on cyber security status, challenges to cyber security, and existing cyber security frameworks. Findings indicate that though efforts are in place to bring about effective assessment of cyber security, there is no single accepted framework to offer a lasting solution to the cyber security assessment challenge.