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Many companies consider IoT as a core element for increasing competitiveness. Despite the growing number of cyberattacks on IoT devices and the importance of IoT security, no study has yet primarily focused on the relationship between the potential impact of IoT security measures and the security challenges when implementing them. This paper presents a review of the current state of the art in IoT security for companies that produce IoT products and started transitioning towards the digitalization of their products and processes. The analysis of challenges in IoT security was conducted while mapping the relevant solutions for strengthening security to the already existing challenges. Based on the analysis, we conclude that almost all companies have an understanding of basic security measures such as encryption, but do not understand threat surface and not aware of advanced methods of protecting data and …