This report provides a comprehensive analysis of the security implications of Internet of Things (IoT) networks. It begins with an abstract summarizing the core issues, followed by an introduction highlighting the increasing adoption of IoT and the associated security concerns. The report delves into the background of IoT, emphasizing its role in data transmission and business operations, while also addressing the potential for security threats and cyber-crimes. It examines IoT protocols, including TCP/IP and 6LoWPAN, and their roles in data communication. The legal implications and the impact of GDPR on data security are explored, along with the ethical, social, and professional issues arising from IoT usage. The report identifies key risk factors, such as misconfiguration and unauthorized access, and suggests appropriate security policies, including employee training, threat analysis, and the use of firewalls and encryption. The conclusion summarizes the findings, emphasizing the importance of managing IoT security concerns and integrating security plans into business activities to mitigate risks and protect sensitive information. The report is well-referenced with sources.