Public cloud computing has become increasingly popular due to the rapid advancements in communication and networking technology. As a result, it is widely used by businesses, corporations, and other organizations to boost the productivity. However, the result generated by millions of network-enabled IoT devices and kept on the public cloud server, as well as the latency in response and safe transmission, are important issues that IoT faces when using the public cloud computing. These concerns and obstacles can only be overcome by designing a robust mutual authentication and secure cross-verification mechanism. Therefore, we have attempted to design a cryptographic protocol based on a simple hash function, xor operations, and the exchange of random numbers. The security of the proposed protocol has formally been verified using the ROR model, ProVerif2.03, and informally using realistic discussion. In contrast, the performance metrics have been analyzed by looking into the security feature, communication, and computation costs. To sum it up, we have compared our proposed security mechanism with the state-of-the-art protocols, and we recommend it to be effectively implemented in the public cloud computing environment.