Internet of Things (IoT) enables extensive connections between cyber and physical "things". Nevertheless, the streaming data among IoT sensors bring "big data" issues, for example, large data volumes, data redundancy, lack of scalability and so on. Under "big data" circumstances, IoT system monitoring becomes a challenge. Furthermore, cyberattacks which threaten IoT security are hard to be detected. In this paper, we propose an online distributed IoT security monitoring algorithm (ODIS). An advanced influential point selection operation extracts important information from multidimensional time series data across distributed sensor nodes based on the spatial and temporal data dependence structure. Then, an accurate data structure model is constructed to capture the IoT system behaviors. Next, hypothesis testing is carried out to quantify the uncertainty of the monitoring tasks. Besides, the distributed system architecture solves the scalability issue. Using a real sensor network testbed, we commit cyberattacks to an IoT system with different patterns and strengths. The proposed ODIS algorithm demonstrates promising detection and monitoring performances.