© 2018 Elsevier B.V. The next industrial revolution is said to be paved by the use of novel Internet of Things (IoT) technology. One important aspect of the modern IoT infrastructures is decentralised communication, often called Peer-to-Peer (P2P). In the context of industrial communication, P2P contributes to resilience and improved stability for industrial components. Current industrial facilities, however, still rely on centralised networking schemes which are considered to be mandatory to comply with security standards. In order to succeed, introduced industrial P2P technology must maintain the current level of protection and also consider possible new threats. The presented work starts with a short analysis of well-established industrial communication infrastructures and how these could benefit from decentralised structures. Subsequently, previously undefined Information Technology (IT) security requirements are derived from the new cloud based decentralised industrial automation model architecture presented in this paper. To meet those requirements, state-of-the-art communication schemes and their open source implementations are presented and assessed for their usability in the context of industrial IoT. Finally, derived building blocks for industrial IoT P2P security are presented which are qualified to comply with the stated industrial IoT security requirements.