The concept of the Internet of Things (IoT) promises to make all electronic devices smart, connected and capable of functioning together seamlessly courtesy of a worldwide network that links virtual elements with physical ones. Every IoT item in this network has a unique identification number to indicate its position in this system. In addition, connectivity is important for effective coordination with some low-tech gadgets. In this chapter, we shall be discussing the relevant IoT systems and security issues related to them including privacy, security attacks, means of securing IoT environments as well as appropriate models for privacy and security in IoT. This paper looks at various privacy concerns as well as security problems that emanate from the internet of things like data breaches, identity thefts and unauthorized entries. Finally, it also discusses multiple approaches that can be adopted to minimize these risks such as using techniques like data protection, access control and encryption etc. Keywords Internet of Things (IoT), Data Privacy, Physical security, Device Access