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The Internet of Things is spreading significantly in every sector, including the household, a variety of industries, healthcare, and emergency services, with the goal of assisting all of those infrastructures by providing intelligent means of service delivery. An Internet of Vulnerabilities (IoV) has emerged as a result of the pervasiveness of the Internet of Things (IoT), which has led to a rise in the use of applications and devices connected to the IoT in our day-to-day lives. The manufacture of IoT devices are growing at a rapid pace, but security and privacy concerns are not being taken into consideration. These intelligent Internet of Things devices are especially vulnerable to a variety of attacks, both on the hardware and software levels, which leaves them exposed to the possibility of use cases. This master’s thesis provides a comprehensive overview of the Internet of Things (IoT) with regard to security and privacy in the area of applications, security architecture frameworks, a taxonomy of various cyberattacks based on various architecture models, such as three-layer, four-layer, and five-layer. The fundamental purpose of this thesis is to provide recommendations for alternate mitigation strategies and corrective actions by using a holistic rather than a layer-by-layer approach. We discussed the most effective solutions to the problems of privacy and safety that are associated with the Internet of Things (IoT) and presented them in the form of research questions. In addition to that, we investigated a number of further possible directions for the development of this research.