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The success and widespread adoption of the Internet of Things (IoT) has increased many folds over the last few years. Industries, technologists and home users recognise the importance of IoT in their lives. Essentially, IoT has brought vast industrial revolution and has helped automate many processes within organisations and homes. However, the rapid growth of IoT is also a cause for significant concern. IoT is not only plagued with security, authentication and access control issues, it also doesn't work as well as it should with fourth industrial revolution, commonly known as Industry 4.0. The absence of effective regulation, standards and weak governance has led to a continual downward trend in the security of IoT networks and devices, as well as given rise to a broad range of privacy issues. This paper examines the IoT industry and discusses the urgent need for standardisation, the benefits of governance as well …