Patient’s data security is critical and cannot be undermined. The patient data must always be kept confidential. Any compromise of patient data not only results in loss of trust but can also lead to legal action. To understand data security measures and to prevent data theft, this study evaluates the cyber security position of electronic medical records using Systematic Literature Review (SLR). It primarily studies the various threats the EMRs are exposed to, more specifically in the cloud environment. It also discusses the possible ways to lower the possibility of EMR data breach. The value addition of this study is the proposition of a Risk Assessment Framework (RAF) to make the EMR software secure and safe from cyber-attacks. The cyclic RAF is proposed to manage and mitigate the risks involved in medical data storage and access.