<em>‘Internet of Things (IoT)’</em>emerged as an intelligent collaborative computation and communication between a set of objects capable of providing on-demand services to other objects anytime anywhere. A large-scale deployment of data-driven cloud applications as well as automated physical things such as embed electronics, software, sensors and network connectivity enables a joint ubiquitous and pervasive internet-based computing systems well capable of interacting with each other in an IoT. IoT, a well-known term and a growing trend in IT arena certainly bring a highly connected global network structure providing a lot of beneficial aspects to a user regarding business productivity, lifestyle improvement, government efficiency, etc. It also generates enormous heterogeneous and homogeneous data needed to be analyzed properly to get insight into valuable information. However, adoption of this new reality (i.e., IoT) by integrating it with the internet invites a certain challenges from security and privacy perspective. At present, a much effort has been put towards strengthening the security system in IoT still not yet found optimal solutions towards current security flaws. Therefore, the prime aim of this study is to investigate the qualitative aspects of the conventional security solution approaches in IoT. It also extracts some open research problems that could affect the future research track of IoT arena.