The Internet of Things (IoT) is a revolutionary concept that heavily relies on the network infrastructure to connect large number of devices whose main purpose is to collect data and communicate among one another in the bid to enhance their decision-making capabilities. However, with this great evolution comes various challenges that threatens the information technology industry; these include security and privacy issues. The presence of a large number of interconnected technologies open a grey area in the IT field which has been worsened by the lack of capacity of various institutions to identify, assess and monitor important components to ensure compliance with security policies. Thus, there is need for a clear understanding of the issues at hand and how they can be solved in order to fully harness this capability.