Does the following sentence make sense?
What are the implications if we do not take a proactive approach to web security?
It sounds right to me but when I looked it up in the dictionary I wasn't sure that it was right...
I believe that is correct; however you could also say:
You could use the word "consequence" just as easily.
When used as in Abe Miessler's phrase, the word "implications" refers to the grammar of logic, but it can also be ambiguous in the way "implication" ("I imply my meaning...") and "inference" ("... but you infer my meaning.") are ambiguous.