Despite the transformative potential of the Industrial Internet of Things (IIoT) in optimizing industrial operations, significant security and privacy challenges persist, underscoring the need for comprehensive solutions. This paper addresses this research gap by presenting a thorough survey of the security challenges and solutions in IIoT networks. Drawing from the extensive literature on IIoT, we identify and categorize key threats such as malware attacks, data breaches, and supply chain vulnerabilities. Additionally, we explore privacy concerns arising from the vast amounts of sensitive data collected and transmitted by IIoT devices. This analysis highlights the critical importance of encryption mechanisms, access controls, and authentication protocols as fundamental security measures. By synthesizing current research, this paper provides insights to guide the development of robust security strategies for IIoT deployments. Addressing these challenges is crucial to maintaining the reliability and integrity of industrial operations, and safeguarding against production disruptions, financial losses, and safety hazards. Through robust security measures and privacy-enhancing technologies, IIoT deployments can foster trust, compliance, and innovation in industrial settings, driving the evolution towards smart factories and connected enterprises. Keywords – Industrial Internet of Things, Cyber Security, Network Security, Threats.