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With the proliferation of using smart and connected devices in the transportation domain, these systems inevitably face security threats from the real world. In this work, we analyze the security of the existing traffic signal systems and summarize the security implications exposed in our analysis. Our research shows that the deployed traffic signal systems can be easily manipulated with physical/remote access and are vulnerable to an array of real-world attacks such as a diversionary tactic. By setting up a standard traffic signal system locally in our lab and partnering with a municipality, we demonstrate that not only can traffic intersections be manipulated to show deadly traffic patterns such as all-direction green lights, but traffic control systems are also susceptible to ransomware and disruption attacks. Through testing and studying these attacks, we provide our security recommendations and mitigations to these threats.