The Industrial Internet of Things (IIoT) ecosystem faces increased risks and vulnerabilities due to adopting Industry 4.0 standards. Integrating data from various places and converging several systems have heightened the need for robust security measures beyond fundamental connection encryption. However, it is difficult to provide adequate security due to the IIoT ecosystem’s distributed hardware and software. The most effective countermeasures must be suggested together with the crucial vulnerabilities, linked threats, and hazards in order to protect industrial equipment and ensure the secure functioning of IIoT systems. This paper presents a thorough analysis of events that target IIoT systems to alleviate such concerns. It also offers a comprehensive analysis of the responses that have been advanced in the most recent research. This article examines several kinds of attacks and the possible consequences to understand the security landscape in the IIoT area. Additionally, we aim to encourage the development of effective defenses that will lessen the hazards detected and secure the privacy, accessibility, and reliability of IIoT systems. It is important to note that we examine the issues and solutions related to IIoT security using the most recent findings from research and the literature on this subject. This study organizes and evaluates recent research to provide significant insight into the present security situation in IIoT systems. Ultimately, we provide outlines for future research and projects in this field.