Cyberattacks’ increasing occurrence and sophistication have highlighted the vital need for robust IT risk governance to mitigate cybersecurity threats. On this note, this study examined the role of IT risk governance in mitigating cybersecurity threats. The study also explored the challenges and strategies associated with IT risk governance in enhancing cybersecurity measures within organizations. This will improve their resilience against cyberattacks and ensure compliance with regulatory requirements. A Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) approach was utilized to review the selected publications from 2016 to 2025. The year 2016 serves as the most appropriate base year for this review, as it coincides with the introduction of the EU’s General Data Protection Regulation, a landmark in cybersecurity governance. The study examined various research sources, including top publishers like Wiley, SAGE, Springer, Elsevier, and Taylor & Francis. The insight from this study contributes to the ongoing discourse on IT governance by suggesting and offering practical recommendations for IT experts, policymakers, and cybersecurity professionals in navigating the evolving threats. Developing and managing robust IT risk governance strategies and the need for adaptive governance models integrate emerging technologies like blockchain, artificial intelligence, and Zero Trust frameworks toenhance cybersecurity risk management.