Growing synergies between the Internet of Things (IoT) and Social technologies are contributing to the advances in Cyber Physical Social Systems. Integration of new technologies is facing key challenges related to information security and privacy. This paper explores the interplay and synergetic relationships among these technologies, identifying relevant interactions, key challenges primarily focusing on cybersecurity and privacy. Specific contributions include (1) concise description of digital transformation based on the literature and resulting potential business impact (2) identification of opportunities related to the integration of social and IoT technologies and (3) challenges in technology convergence with a focus on cybersecurity challenges.