Enhancing Security in Industry 4.0 / 5.0 Data Sharing: A Risk Modeling Approach

Today, the advancement of Industries 4.0 and 5.0 has enabled the digital transformation of the manufacturing domain and the creation of data-sharing ecosystems. A cornerstone of this advancement is the Internet of Things, which has enabled the realization of applications related to real-time monitoring, automation, and analytics. However, IoT-enabled data sharing scenarios across organizations have also introduced significant security, privacy, and trust challenges. This paper presents the Security Risk Modeler (SRM), a tool designed to address these challenges by providing a systematic approach to identifying, analyzing, and mitigating security risks in Industry 4.0/5.0 data sharing environments. The tool is applied to a real-world industrial waste management scenario that involves IoT enabled waste bins, cloud-based analytics, and data sharing between two companies. Through this case study, SRM demonstrates its ability to model complex systems, identify threats, and propose actionable mitigation controls. Evaluations by industry stakeholders highlighted the tool's usability, risk analysis capabilities, and potential for broader adoption in securing Industry 4.0/5.0 ecosystems.