There will be a billion smart devices with processing, sensing, and actuation capabilities that can be connected to the Internet under the IoT paradigm. The level of convenience, effectiveness, and automation for consumers is expected to rise owing to promising IoT applications. Privacy is a significant concern in IoT systems, and it is essential to provide users with full awareness and control over the data collected by these systems. The use of privacy-enhancing technologies can help to minimise the risks associated with data collection and processing and ensure that user privacy is protected. Lack of standards for devices with limited resources and heterogeneous technologies intensifies the security issue. There are various emerging and existing technologies that can help to address the security risks in the IoT sector and achieve a high degree of trust in IoT applications. By implementing these technologies and countermeasures, it is possible to improve the security and reliability of IoT systems, ensuring that they can be used safely and effectively in a wide range of applications. This article s intent is to provide a comprehensive investigation of the threats and risks in the IoT industry and to examine some potential countermeasures.