IoT Driving New Business Model, and IoT Security, Privacy, and Awareness Challenges

Internet of Things (IoT) or Internet of Intelligent Things is one of the most buzzing and discussed topic in business and research field today. The Internet of Things (IoT) refers to systems that involve computation, sensing, communication, and it involves the connection between humans, non-human physical objects, enabling monitoring, automation, and decision making within organization. The Internet of Things (IoT) is a network of ‘smart’ devices that connect and communicate via the Internet. The concept of the IoT is to establish a pervasive and ubiquitous environment (i.e., an IoT ecosystem) with a variety of things or objects (e.g., RFID tags, sensors and actuators, smart phones, washing machines, smart TV, etc.) that can autonomously collaborate, and cooperate to reach common goals providing smart services for the benefit of humankind. Because of lack of awareness within the public about devices, lack of standardization for devices, and characteristics of IoT are highly dynamic, and continuously change because of mobility, for that reasons IoT alleviates concerns about security, and privacy. In this paper research is mainly focusing on the concept of IoT, architecture, new business model and security and privacy issues with suggested countermeasure and cyber security awareness in IoT threats, also outlines recommendations for how to mitigate or reduce the effects of these IoT concerns.