The next generation of smart manufacturing systems will incorporate various recent enabling technologies. These technologies will aid in ushering the era of the fourth industrial revolution. They will make the supply chain and the product lifecycle of the manufacturing system efficient, decentralized, and well-connected. However, these technologies have various security issues and, when integrated in the supply chain and the product lifecycle of manufacturing systems, can pose various challenges for maintaining the security requirements such as confidentiality, integrity, and availability. In this paper, we will present the various trends and advances in the security of the supply chain and product lifecycle of the manufacturing system while highlighting the roles played by the major enabling components of Industry 4.0.