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O-RAN establishes an advanced radio access network (RAN) architecture that supports inter-operable, multi-vendor, and artificial intelligence (AI) controlled wireless access networks. The unique components, interfaces, and technologies of O-RAN differentiate it from the 3GPP RAN. Because O-RAN supports 3GPP protocols, currently 4G and 5G, while offering additional network interfaces and controllers, it has a larger attack surface. The O-RAN security requirements, vulnerabilities, threats, and countermeasures must be carefully assessed for it to become a platform for 5G Advanced and future 6G wireless. This article presents the ongoing standardization activities of the O-RAN Alliance for modeling the potential threats to the network and to the open fronthaul interface, in particular. We identify end-to-end security threats and discuss those on the open fronthaul in more detail. We then provide recommendations for countermeasures to tackle the identified security risks and encourage industry to establish standards and best practices for safe and secure implementations of the open fronthaul interface.