IoT is an advanced analytics system that incorporates physical devices, intelligent technologies, and internet services to provide automation services and cost-effective productivity. The IoT oriented framework offers effective control, stabilized execution, and translucent services when it is applied to any enterprise. However, IoT devices are at risk of many security threats because they communicate and operate smart device services over wide distributed networks (i.e., insecure Internet channels). Over the past few years, it has been witnessed that several types of malicious activities have been tried to undermine the security and privacy of sensor networks as well as Internet-based applications. In order to protect IoT devices, many research works have been carried out to address potential security attack and to find an optimal way to overcome and limit the risk factors that affect security requirement and individual privacy. Therefore, this paper carries an assessment of the existing research works in order to understand better the root cause of the new possible threat and the challenges associated with IoT security. The paper also reflects the research trend to demonstrate the current status of security methods being developed till date. The prime motive of the present work is to reveal the current research gap and make an effective contribution to the future research direction.