  Many companies consider IoT as a central element for increasing
competitiveness. Despite the growing number of cyberattacks on IoT devices and
the importance of IoT security, no study has yet primarily focused on the
impact of IoT security measures on the security challenges. This paper presents
a review of the current state of security of IoT in companies that produce IoT
products and have begun a transformation towards the digitalization of their
products and the associated production processes. The analysis of challenges in
IoT security was conducted based on the review of resources and reports on IoT
security, while mapping the relevant solutions/measures for strengthening
security to the existing challenges. This mapping assists stakeholders in
understanding the IoT security initiatives regarding their business needs and
issues. Based on the analysis, we conclude that almost all companies have an
understanding of basic security measures as encryption, but do not understand
threat surface and not aware of advanced methods of protecting data and
devices. The analysis shows that most companies do not have internal experts in
IoT security and prefer to outsource security operations to security providers.
