In section 3 of this paper we discuss the various communication technologies using theInternet infrastructure for the exchange of information. In section 4, we do a survey of all the security issues plaguing the Internet of Things as well as the pervading privacy issues faced by the end users of technologies utilizing the advanced information sharing architecture of IoT. In section 5, we conclude our paper with a proposal for the necessary steps to be taken for addressing all the security issues of IoT.