With the rapid development of the Internet of Things (IoT), the physical system and the network space are further deeply integrated, forming a larger-scale IoT heterogeneous fusion system. The attack mode considered in the security mechanism research of traditional large-scale complex systems is relatively simple; only simple attack types such as random attacks on physical systems or network systems are considered. In addition, existing attack modalities such as selectivity, locality, and distribution cannot fully consider the characteristics of security threats in the IoT system. In this paper, for large-scale heterogeneous IoT system scenarios, attackers can attack network systems or physical systems through cyberspace. We conduct situational awareness analysis on important traffic nodes or backbone nodes and study the cascading failures of two interdependent heterogeneous space systems. In view of the existence of such targeted attack threats in large-scale IoT heterogeneous systems, we focus on security assessment and risk prediction issues. First, this paper analyzes and models different IoT heterogeneous systems. Then using the penetration theory, we analyze the cascading failure process step by step and obtain the critical threshold for system collapse failure. Finally, we further verify the correctness of the theoretical values through simulation to effectively analyze and illustrate the reliability of the parameters affecting the system risk. The experimental results show that the large-scale IoT heterogeneous system presents a first-order discontinuous transition value near the critical threshold and the power-law index of the SF network has little effect on the system security.