5G and Beyond 5G(B5G) networks are expected to support a wide range of business and industry verticals with diverse quality of service (QoS) requirements, such as autonomous vehicles, industrial IoT, smart city, smart agriculture, smart grid, etc. It is crucial to partition the physical network into multiple distinct logical networks using network slicing to meet these diverse requirements. While network slicing provides significant advantages for 5G, it also introduces new security concerns that must be addressed. This article aims to highlight security requirements, threat vectors, attack vectors, and associated security challenges that need to be addressed to fully leverage the potential of network slicing in 5G and B5G. Finally, we conclude this work by outlining the future research directions that can lead the way in securing network slicing for 5G and B5G.