Ultra-reliable and low-latency communication (URLLC) is one category of service to be provided by next-generation wireless networks. Motivated by increasing security concerns in such networks, this article focuses on physical layer security (PLS) in the context of URLLC. The PLS technique mainly uses transmission designs based on the intrinsic randomness of the wireless medium to achieve secrecy. As such, PLS is of lower complexity and incurs less latency than traditional cryptography. In this article, we first introduce appropriate performance metrics for evaluating PLS in URLLC, illustrating the tradeoff between latency, reliability, and security. We then identify the key challenging problems for achieving PLS for URLLC, and discuss the role that channel state information can have in providing potential solutions to these problems. Finally, we present our recommendations on future research directions in this emerging area.Index Terms-Physical layer security, ultra-reliable and lowlatency, URLLC, wireless communication security.