Industrial IoT (IIoT) is a novel concept of a fully connected, transparent, automated, and intelligent factory setup improving manufacturing processes and efficiency. To achieve this, existing hierarchical models must transition to a fully connected vertical model. Since IIoT is a novel approach, the environment is susceptible to cyber threat vectors, standardization, and interoperability issues, bridging the gaps at the IT/OT ICS (industrial control systems) level. IIoT M2M communication relies on new communication models (5G, TSN ethernet, self-driving networks, etc.) and technologies which require challenging approaches to achieve the desired levels of data security. Currently there are no methods to assess the vulnerabilities/risk impact which may be exploited by malicious actors through system gaps left due to improper implementation of security standards. The authors are currently working on an Industry 4.0 cybersecurity project and the insights provided in this paper are derived from the project. This research enables an understanding of converged/hybrid cybersecurity standards, reviews the best practices, and provides a roadmap for identifying, aligning, mapping, converging, and implementing the right cybersecurity standards and strategies for securing M2M communications in the IIoT.