Internet of Things (IoT) has become a popular paradigm by digitizing our physical world, bringing appealing level of conveniences to community. Besides that consumers embrace potential IoT benefits to them, they are much more concerned about the security and privacy of their data. Since, the increased connectivity between devices and the internet in IoT presents security and privacy related challenges, and the data breach of sensitive personal information can be exploited to harm the consumers; the trust of these consumers on the IoT can be tampered. The success of IoT ultimately depends upon the consumer perceptions about security and privacy in IoT and the level of digital trust of its consumers. Since trust has been an important element to influence consumer’s behavior, thus, it can be stimulated by increased consumer perceptions of both security and privacy of IoT. In this paper we contribute to identify the evolving features of IoT and identify important security and privacy requirements from consumer perspectives. We propose a conceptual security and privacy model and highlighting important threats and challenges on various stages of this model.