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The Internet of Things, or IoT, refers to the billions of physical objects around the planet that are now connected to the Internet, many of which store and exchange the data without human interaction. In recent years the Internet of Things (IoT) has incredibly become a groundbreaking technical innovation that has contributed to massive impact in the ways where all the information is handled incorporate companies, computer devices, and even kitchen equipment and appliances, are designed and made. The main focus of this chapter is to systematically review the security and privacy of the Internet of Things in the present world. Most internet users are genuine, yet others are cybercriminals with individual expectations of misusing information. With such possibilities, users should know the potential security and privacy issues of IoT devices. IoT innovations are applied on numerous levels in a system that we use daily in our day-to-day life. Data confidentiality is a significant issue. The interconnection of various networks makes it impossible for users to assert extensive control of their data. Finally, this chapter discusses the IoT Security concerns in the literature and providing a critical review of the current approach and proposed solutions on present issues on the Privacy protection of IoT devices.