The emergence of the Internet of Things (IoT) technology has brought about tremendous possibilities, but at the same time, it has opened up new vulnerabilities and attack vectors that could compromise the confidentiality, integrity, and availability of connected systems. Developing a secure IoT ecosystem is a daunting challenge that requires a systematic and holistic approach to identify and mitigate potential security threats. Cybersecurity research considerations play a critical role in this regard, as they provide the foundation for designing and implementing security measures that can address emerging risks. To achieve a secure IoT ecosystem, scientists and engineers must first define rigorous security specifications that serve as the foundation for developing secure devices, chipsets, and networks. Developing such specifications requires an interdisciplinary approach that involves multiple stakeholders, including cybersecurity experts, network architects, system designers, and domain experts. The primary challenge in IoT security is ensuring the system can defend against both known and unknown attacks. To date, the IoT research community has identified several key security concerns related to the architecture of IoT systems. These concerns include issues related to connectivity, communication, and management protocols. This research paper provides an all-inclusive and lucid review of the current state of anomalies and security concepts related to the IoT. We classify and analyze prevalent security distresses regarding IoT’s layered architecture, including connectivity, communication, and management protocols. We establish the foundation of IoT security by examining the current attacks, threats, and cutting-edge solutions. Furthermore, we set security goals that will serve as the benchmark for assessing whether a solution satisfies the specific IoT use cases.