Security of IoT devices is getting a lot of attention from researchers as they are becoming prevalent everywhere. However, implementation of hardware security in these devices has been overlooked, and many researches have mainly focused on software, network, and cloud security. A deeper understanding of hardware Trojans (HTs) and protection against them is of utmost importance right now as they are the prime threat to the hardware. This paper emphasizes the need for a secure hardware-level foundation for security of these devices, as depending on software security alone is not adequate enough. These devices must be protected against sophisticated attacks, especially if the groundwork for the attacks is already laid in devices during design or manufacturing process, such as with HTs. This paper will discuss the stealthy nature of these HT, highlight HT taxonomy and insertion methods, and provide countermeasures.