The Internet of Things (IoT) is swiftly growing, expanding and reaching various domains, including personal
health care, environmental monitoring, home automation, smart mobility, and Industry. Thus it emerges a large network of
millions of objects interacting with each other, while overcoming various challenges (technical and application based).
Although it effectively solves many physical world problems, still its security is under threat. The situation gets worsen as the
no. of connected devices are increasing exponentially. Thus its privacy and security has emerged as major challenge. This
paper deals with security challenges faced by IoT. It introduces the status of IoT development, including its policies, R&D
plans, applications, and standardization. Also, this paper highlights some challenges related to technologies, applications, and
standardization. Finally, discusses the opportunity and prospect of IoT.
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