IoT plays an important role that allows enterprises to go through digital transformation. However, in many cases organizations start to become aware that they do already have a large number of IoT devices which were introduced gradually over the years. One of the main concerns that an organizations face when dealing with IoT is managing risks involved in increasing number of IoT devices. Because of their ability to interact with the physical world, there are safety and privacy concerns when it comes to the security of IoT devices. This paper provides an overview of IoT components, followed by risks and sample attacks. Finally, a list of current and prospective future security solutions is discussed.