The purpose of this paper is to chalk out the criticality of the most important pillar of Internet of Things (IoT),i.e., Security and Privacy (S&P). IoT has seen its journey from implausible and impossible to sustainable and tenable. Its rateof expansion into various grounds from agriculture to sports; personal health to intelligent trac detection; waste managementto smart homes is astonishing, dramatic and unforeseen. With such vast adaptability and functionality, its security remains thebiggest concern because in contrast to the traditional networks, IoT faces huge vulnerabilities some of which are inherent and othersexplicit. The existing security solutions cannot be implemented in IoT because of its unique characteristics. Therefore, there is adire need to develop novel security procedures betting IoT. This paper spots the features that are peculiar to IoT and concurrentlyanalyzes the security threats and challenges they pose. This work also provides a glimpse of the major IoT implementations withtheir particular security requirements and challenges. Moreover, this paper critically evaluates the proposed countermeasures tosecurity attacks on dierent features and why they cannot be used in IoT environments. Also, it is found that most of the securitysolutions used in IoT devices are inspired from Wireless Sensor Networks (WSN) but the striking dierences among the two makethem inadequate in IoT. The security requirements and challenges peculiar to various IoT services are also identied. To assist theresearchers in remaining up-to-date, we for the rst time have thoroughly expressed some of the most famous and practical attacksfaced across the world in the recent past, how much damage they caused, how much nancial losses were faced, etc.
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