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Internet of Things (IoT) has made human life easier as humans can remotely access all the interconnected devices by staying in a place. IoT is the system of unified devices, machines, and objects which are provided with a unique id. Everything and anything which is connected to a network come under IoT. The impact of global connectivity and the exchange of data created major significance on education, business, health care system, military capabilities, international trade, agriculture, and home applications. Cyber security is the major concern in this digital world to ensure protection from malicious activities, which aim to corrupt or steal data and interrupt an organization’s systems with unauthorized access. Many new models and techniques are being proposed to protect the IoT network using Machine learning and Deep learning, Neural Networks, Block-Chain methods. In this survey paper, we reconnoitre on various IoT applications, its growth, specification, and the security challenge of layered structure. We analyse the presents challenges, issues that emerge in IoT network and provide a comparative analysis for the available solutions. We have also proposed a novel three-tier framework to control unauthorized access and identify suspicious internal activities in the private IoT network. This present survey is beneficial for industry and academia to categorize the challenges and issues in the current IoT security models and generate new dimensions of developments in it with advanced technologies.