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LoRa (along with its upper layers definition—LoRaWAN) is one of the most promising Low Power Wide Area Network (LPWAN) technologies for implementing Internet of Things (IoT)-based applications. Although being a popular technology, several works in the literature have revealed vulnerabilities and risks regarding the security of LoRaWAN v1.0 (the official 1st specification draft). The LoRa-Alliance has built upon these findings and introduced several improvements in the security and architecture of LoRa. The result of these efforts resulted in LoRaWAN v1.1, released on 11 October 2017. This work aims at reviewing and clarifying the security aspects of LoRaWAN v1.1. By following ETSI guidelines, we provide a comprehensive Security Risk Analysis of the protocol and discuss several remedies to the security risks described. A threat catalog is presented, along with discussions and analysis in view of the scale, impact, and likelihood of each threat. To the best of the authors’ knowledge, this work is one of the first of its kind, by providing a detailed security risk analysis related to the latest version of LoRaWAN. Our analysis highlights important practical threats, such as end-device physical capture, rogue gateway and self-replay, which require particular attention by developers and organizations implementing LoRa networks.