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The IEEE 802.16 technology, commonly referred to as WiMAX, gains momentum as an option for broadband wireless communication access. So far, several research works focus on the security of the 802.16 family of standards. In this context, the contribution of this paper is twofold. First, it provides a comprehensive taxonomy of attacks and countermeasures on 802.16. Each attack is classified based on several factors, e.g. its type, likelihood of occurrence, impact upon the system etc. and its potential is reviewed with reference to the standard. Possible countermeasures and remedies proposed for each category of attacks are also discussed to assess their effectiveness. Second, a full-scale assessment study of indicative attacks that belong to broader attack classes is conducted in an effort to better comprehend their impact on the 802.16 realm. As far as we are aware of, this is the first time an exhaustive and detailed survey of this kind is attempted.