Building upon the concept of Device to Device (D2D) communication technology of Bill Joy [1], Internet of Things (IoT) embodies the concept of free flow of information amongst the various embedded computing devices using the internet as the mode of intercommunication. The term “Internet of Things” was first proposed by Kevin Ashton in the year 1982 [2]. With the aim of providing advanced mode of communication between the various systems and devices as well as facilitating the interaction of humans with the virtual environment, IoT finds its application in almost anyfield. But as with all things using the internet infrastructure for information exchange, IoT to is susceptible to various security issues and has some major privacy concerns for the end users. As such IoT, even with all its advanced capabilities in the information exchange area, is a flawed concept from the security viewpoint and proper steps has to be taken in the initial phase itself before going for further development of IoT for an effective and widely accepted adoption.