Internet of Things (IoT) is an emerging technology where each and every 'thing' is possible to be connected through a network and also controllable from any remote station. Coming few years, IoT is going to be an unavoidable part of our daily lives. Every sector like manufacturing farms, traffic controls, real-time environment monitoring, security systems, health-care, e-agriculture etc. Is going to be governed by IoT as backbone. Ensuring security during this voluminous information exchange becomes a critical issue in this context. It applies equally to both device communication, control signals, and information exchange. In this paper an approach has been made to identify major security and privacy flaws existing in IoT enabled devices especially from hardware perspectives, and thereby to present possible solutions to existing challenges for conversion of 'Internet of Things' in 'Internet of Secure Things'.