The myriad of technologies and protocols working at different layers pose significant security challenges in the upcoming Internet of Things (IoT) paradigm. Security features and needs vary from application to application and it is layer specific. In addition, security has to consider the constraints imposed by energy limited sensor nodes and consider the specific target application in order to provide security at different layers. This paper analyses current standardization efforts and protocols. It proposes a generic secured network topology for IoT and describes the relevant security challenges. Some exploitation examples are also provided.