With the revolutionary advancements in modern transportation, offering advanced connectivity, automation, and data-driven decision-making has put the intelligent transportation systems (ITS) to a high risk from being exposed to cyber threats. Development of modern transportation infrastructure, connected vehicle technology and its dependency over the cloud with an aim to enhance safety, efficiency, reliability and sustainability of ITS comes with a lot more opportunities to protect the system from black hats. This paper explores the landscape of cyber threats targeting ITS, focusing on their potential impacts, vulnerabilities, and mitigation strategies. The cyber-attacks in ITS are not just limited to Unauthorized Access, Malware and Ransomware Attacks, Data Breaches, Denial of Service but also to Physical Infrastructure Attacks. These attacks may result in potentially disrupting critical transportation infrastructure, compromise user safety, and can cause economic losses effecting the various services such as vehicle tracking and monitoring, communication systems, traffic management, driver assistance systems, fuel management, maintenance and diagnostics, data analytics and reporting. The article also focus on innovative approaches that have recently adopted my many cybersecurity professionals for secured operation of ITS involving block-chain, artificial intelligence, and Machine Learning. The development of 5G technology boosts these innovative approaches enabling high-reliability ensuring continuous high speed connectivity and low-latency for real time communications and security for the ITS and also promotes secured V2X communication. This article discusses the various practices adopted for security of ITS and also reviews the upcoming new technology and there approach for practical implementation in field. By understanding the various cyber threats targeting ITS and implementing appropriate safeguards, stakeholders can enhance the resilience and security of these systems, ensuring safe and efficient transportation in the digital age.