This master thesis explores the field of Cyber-Physical Systems, which traditionally represents the integration of software, system hardware, and sensors through interconnected networks. CPS encompasses a wide range of applications and involves the convergence of physical and cyber components. These systems play a critical role in a country’s infrastructure, but their importance is accompanied by potential security threats, safety hazards, and challenges. To ensure the reliable and secure operation of CPS, it is imperative to encompass all potential threats and vulnerabilities that can lead to attacks. Addressing these security concerns is essential to safeguard the integrity and functionality of CPS systems. Recognizing the complexity introduced by the interconnection of the systems, the thesis argues that current risk assessment methods are insufficient to identify threats and vulnerabilities in CPS. It stresses the need for extensive research to effectively address these issues and extend the current risk assessment approach to encompass the physical, cyber, human, social components and other external elements of CPS. The thesis highlights the importance of incorporating external components into the risk assessment approach to address the dynamic nature of CPS. By considering various factors beyond the traditional ecosystem, the thesis aims to enhance the identification and analysis of potential threats and attacks. Organizations can better safeguard their CPS and maintain a robust security posture by addressing these challenges. To assess the effectiveness of the risk assessment approach, a simulation of a connected car is carried out. This simulation helps identify potential threats that pose risks to the CPS, particularly when external components are incorporated. This analysis provides insights into the current threat landscape surrounding modern CPS systems.