The Internet of Things (IoT) is a network of embedded devices that are uniquely identifiable and have embedded software required to communicate between the transient states. The purpose of this study is to explore discrete IoT security challenges pertaining to currently deployed IoT standards and protocols. We have presented a detailed review in this study that focuses on IoT's imminent security aspects, covering identification of risks pertaining to the current IoT system, novel security protocols, and security projects proffered in recent years. This work presents an updated review of the IoT architecture in the protocols and standards that are proffered for the next-gen IoT systems. A security-specific comparative analysis of protocols, standards, and proffered security models are presented as per IoT security requirements. This study elicits the need for standardization at the communication and data audit level, which exposes the hardware, software, and data to various threats and attacks. Our study reveals a need for protocols that are competent enough to be accorded for over one threat vector. This paper provides an insight into the latest security research trends, which will prove beneficial in the development of IoT security. The research outcomes can benefit the research community in IoT by integrating IoT-based devices' best security aspects.