Internet of Things (IoT) encompasses heterogeneous communication devices and wireless technologies to provide ubiquitous access using end‐user devices. It operates on a common website for connecting versatile devices with seamless communication, data access and sharing. Communication through wireless medium requires enormous security features to protect both public and private data across different interconnected resources. Therefore, in this article, a communication‐aware adaptive key management (CAKM) is proposed to ensure two levels of security in IoT communication. The two‐levels of security include both device and message that is facilitated using certificate authority and key management. By exploiting the benefits of hyper elliptic curve cryptography (HECC), the communication‐aware adaptive key management ensures message authentication for the device requests. Initially, the device requests are classified on the basis of its service time and correlated to the time‐to‐live period of the certificate. The proposed method attains low computational time 10.9%, 30.2%, and 54.3%, high security level 10.9%, 30.2%, and 54.3%, high successful message rate 10.9%, 30.2%, and 54.3% and low key agreement time 10.9%, 30.2%, and 54.3% when compared to the three existing methods, such as bilateral generalization inhomogeneous short integer solution (Bi‐GISIS)‐based key management in IoT security (Bi‐GISIS‐IoT), hyper elliptic curve based public key cryptosystem in IoT security (HCCPK‐IoT) and enhanced symmetric key‐based authentication in IoT security (ESKA‐IoT). Finally, the proposed method provides an efficient security with low computational time.