Intelligent transport systems amalgamated with advanced technologies are an important element of the automotive industry, including critical infrastructure and transportation. Internet of Vehicles (IoV) is the modern technological framework designed for intelligent transportation. IoV creates a network of information relations among vehicles, thus contributing to reduced congestion, roadside infrastructure, driver/traveller safety, and traffic efficiency through wireless communication and sensing technology. However, a significant challenge in IoV applications is security, as criminals could potentially exploit these applications. It is clear that despite increasing industry awareness, the potential danger posed by security vulnerabilities and cyber threats is high. In this study, we have designed a new system called AKAP-IoV, which supports secure communication, mutual authentication, and key management among vehicles, roadside units, and fog and cloud servers. AKAP-IoV was tested and verified using Scyther and Tamarin to ensure its resistance to cyber threats. Furthermore, we conducted a formal security analysis using the Real-or-Random (RoR) oracle model to assess security properties logically. In addition, a detailed, comprehensive comparative study was considered to evaluate the performance, functionality, efficiency and security features supported by AKAP-IoV compared to those of recently developed schemes.