The following are some security risks associated with IoT:  

• Privacy: Connected IoT devices are vulnerable to hacking. Many IoT devices collect and transmit personal data over an open network without ENCRYPTION, making it easy for hackers to access. Hackers may also use cloud endpoints to attack servers.
• Insufficient testing & Outdated product: In a fast-paced market like IoT, many companies or manufacturers rush to start releasing their products and software without doing enough testing. Many of them don't provide timely updates as well. Unlike other devices such as smartphones, IoT devices are not UPDATED, which can leave them vulnerable to data theft. Thus, IoT devices should be TESTED thoroughly and updated as soon as new vulnerabilities are identified in order to maintain security.
• Lack of KNOWLEDGE and awareness: Despite being a growing technology, people do not know much about IoT. A major security threat associated with IoT is the user's lack of knowledge and awareness of its capabilities. This POSES a threat to all users.
• Network Connectivity: Network connectivity can be challenging for many IoT devices. Particularly if such devices are widely dispersed, in remote locations, or if bandwidth is severely limited.
• Reliability: Given the highly distributed nature of IoT devices, it can be difficult to ensure the reliability of IoT systems. Various conditions can affect the components that make up an IoT system, such as natural disasters, disruptions in cloud services, power outages, and system failures.