This report delves into the critical realm of Internet of Things (IoT) security, analyzing the multifaceted threats that jeopardize data integrity and user privacy. It begins by outlining the fundamental concepts of IoT, its architecture, and the relevant technologies such as IoT security, analytics, and device management, emphasizing their applications. The report then identifies and scrutinizes various security vulnerabilities, including insecure web interfaces susceptible to account enumeration, SQL injection, and cross-site scripting attacks, alongside authentication issues, and the lack of transport encryption. Furthermore, it highlights privacy concerns stemming from vast data collection and confidentiality challenges, as well as insufficiencies in security configurability and physical security. The report also identifies gaps in the existing literature by examining security concerns at different layers of the IoT architecture, including the network and perception layers, and provides insights into potential security attacks such as Man-in-the-Middle, Denial of Service, sniffing, and node capture attacks. The report concludes by underscoring the need for robust security measures to safeguard IoT devices and networks.