The smart grid (SG) consists of three main components, that is, Information Technology (IT), Operational Technology (OT), and Advanced Metring Infrastructure (AMI). Due to the integration of these components, electricity is efficiently managed and transmitted. Over the past few years, cyberattacks on the SG have risen. Several studies are being conducted to mitigate these attacks. A survey on cyberattacks on IT, OT, and AMI is conducted. We have also identified new research challenges and explored future research directions. This study investigates cyber security threats in the smart grid and countermeasures against them and suggests future research direction for improved smart grid security.