In the past few years, the number of IoT devices has grown substantially, and this trend is likely to continue. An increasing amount of effort is being put into developing software for the ever-increasing IoT devices. Every IoT system at its core has software that enables the devices to function efficiently. But security has always been a concern in this age of information and technology. Security for IoT devices is now a top priority due to the growing number of threats. This study introduces best practices for ensuring security in the IoT, with an emphasis on guidelines to be utilized in software development for IoT devices. The objective of the study is to raise awareness of the potential threats and emphasize the use of secure software development lifecycle. The study will also serve as a point of reference for future developments and provide a solid foundation for securing IoT software and dealing with vulnerabilities. This paper divides the most common concerns with Internet of Things (IoT) security into three primary categories, and then further subdivides each of those categories into other subcategories.