Tactile internet is defined as a network that offers a response to a physical process or an object in perceived real time. The development of new radio (NR) and long-term evolution (LTE) technologies with tailored high-reliability and low-latency design is expected to reliably transmit data in milliseconds, leading to the promising realization of tactile internet with applications in areas such as factory automation, education, gaming, and healthcare. In this paper, from a physical layer and medium-access control (PHY/MAC) perspective, we discuss the systems design of ultrareliable and low-latency communications (URLLC) in NR and LTE technologies, both belonging to the fifth-generation (5G) wireless technologies. Motivated by the safety and privacy requirements of tactile internet, we also outline the 5G security landscape, major categories of attackers, and potential countermeasures. Finally, we provide a case study of factory automation as an example of the proposed 5G-based tactile internet.