The term “cyber threats” refers to the new category of hazards that have emerged with the rapid development and widespread use of computing technologies, as well as our growing reliance on them. This article presents an in-depth study of a variety of security and privacy threats directed at different types of users of social media sites. Furthermore, it focuses on different risks while sharing multimedia content across social networking platforms, and discusses relevant prevention measures and techniques. It also shares methods, tools, and mechanisms for safer usage of online social media platforms, which have been categorized based on their providers including commercial, open source, and academic solutions.