Cyber-physical systems (CPS) and their Supervisory Control and Data Acquisition (SCADA) have attracted great interest for automatic management of industrial infrastructures, such as water and wastewater systems. A range of technologies can be employed for wastewater treatment CPS to manage risks and protect the infrastructures of water systems and their wastewater against cyberattacks. In this paper, we develop a novel risk assessment framework, named RAF-CPWS, which perfectly estimates the risks of water and wastewater technologies. To do this, a multi-criteria group decision-making (MCGDM) approach is designed by neutrosophic theory to assess the risks of wastewater treatment technologies (WWTTs). The proposed approach evaluates the best WWTTs, considering various economic, environmental, technological and cybersecurity, and social factors. A decision-making trial and evaluation laboratory (DEMATEL) is employed to evaluate the significance of the adopted factors in a real testbed setting. The proposed approach contributes to a comprehensive measure of WWTTs through several factors, revealing its high sustainability and security in assessing the risks of cyber-physical water and wastewater systems.