The rapid evolution of Internet of Things (IoT) applications, such as e-health and the smart ecosystem, has resulted in the emergence of numerous security flaws. Therefore, security protocols must be implemented among IoT network nodes to resist the majority of the emerging threats. As a result, IoT devices must adopt cryptographic algorithms such as public-key encryption and decryption. The cryptographic algorithms are computationally more complicated to be efficiently implemented on IoT devices due to their limited computing resources. The core operation of most cryptographic algorithms is the finite field multiplication operation, and concise implementation of this operation will have a significant impact on the cryptographic algorithm’s entire implementation. As a result, this paper mainly concentrates on developing a compact and efficient word-based serial-in/serial-out finite field multiplier suitable for usage in IoT devices with limited resources. The proposed multiplier structure is simple to implement in VLSI technology due to its modularity and regularity. The suggested structure is derived from a formal and systematic technique for mapping regular iterative algorithms onto processor arrays. The proposed methodology allows for control of the processor array workload and the workload of each processing element. Managing processor word size allows for control of system latency, area, and consumed energy. The ASIC experimental results indicate that the proposed processor structure reduces area and energy consumption by factors reaching up to 97.7% and 99.2%, respectively.