The broad network and high-level data sharing that comes with Industry 4.0 will rapidly increase the companies' cyber securitydemands due to its vulnerabilities and new emerging threats. Therefore, large corporations need a risk management system and securitystrategy tailored to its safety needs and is committed to improving operational security and protection so that their operations and earningsare not adversely affected. In order to protect products, data and intellectual property against unauthorized and unauthorized persons,companies must absolutely take cyber security measures and continuously improve existing security systems to comply with Industry 4.0requirements. This paper aims to address which type of problems enterprises should handle against cyber-attacks and illustrate howgovernments take precaution and refer this issue at their policy documents in the era of industry 4.0. The digitalization of production haspaved the way for an ever-increasing existence of concepts such as Big Data, Cloud Computing, 3-D Printing, Augmented Reality, andInternet of Things in production. With the emergence of these concepts, the need for cyber security is also becoming crucial. This paperunderlines many issues from the literature survey and comprehensive risk analysis by comparing modern history of ICT (Information andCommunication Technology) and future smart factories. Some problems are also addressed with different case studies for possiblesolutions.