what are the security risks
With SNMP v2c, you have no encryption, nor signature. This means that Man-in-the-Middle attacks can both:
- leak data,
- change the content in a Set request, to trigger something indesirable on the target (for instance, you could reboot some targets this way).
Moreover, queries can be done over UDP, so the IP source address need not being correctly routed back to the source. Therefore, IP spoofing can be used to bypass IP ACLs and send SNMP Set requests to a target, from a fake IP source.
Note that with SNMP v3, all of these risks can be avoided.
So, either increase your security adding another network layer (IPsec for instance), or only do expose READ-ONLY OIDs with public content.
For instance, performance counters or basic configuration parameters like an IP address, a hostname, a counter, may be exposed. Maybe you should do a risk analysis to find which information can really be exposed.
At first, SNMP v1 was not secured at all.
So, SNMP v2 has been proposed to add security, among other new features. But it was so much complicated, that the new security features have been removed, and the other features have been kept, and the protocol has finally been published with the name SNMP v2c. Finally, SNMP v3 has been created mainly to offer security features, but in a more easy way to implement than with SNMP v2.