The Internet of Things (IoT) is becoming part of many aspects of our life, including healthcare, home utilities, retail, energy, logistics, etc. This prolific and ubiquitous nature of IoT based systems brings with it the threats of cyber-attacks in a variety of forms. An IoT framework is a set of controlling rules, standards and protocols which makes implementation of IoT applications somewhat streamlined. However, due to the existence of a plethora of IoT devices, applications and technologies, standardization of IoT protocols is a complex undertaking. Several well-known IT organizations have their own customized standards for the IoT platform. However, the lack of stable standardization has been a prime concern for quite some time. This research outlines the overall technologies used in IoT security implementation and an overview of different threats faced by IoT devices. The work also recommends a security framework that can effectively be implemented with various IoT based systems.