The assignment explores the security risks and attacks associated with IoT applications, such as smart home automation systems, office automation systems, and smart parking systems. It also discusses the use of poor passwords, absence of encryption, low-priced devices, and delayed security updates as vulnerabilities. The document highlights the importance of monitoring IoT devices, networks, and using automated tools for intrusion detection. Additionally, it suggests advanced access control, data encryption algorithms, and data analytics tools for further improvement.