The Internet of Things (IoT) is a significant advancement of the internet and one of the most disruptive technologies in recent history. The new technology aims to bridge the cyber-physical worlds by connecting objects (things) that previously worked offline – such as home appliances, health gadgets, and vehicles – to the internet and to each other, offering an unprecedented level of control, automation, and convenience. Nevertheless, the advent of IoT is anticipated to have a profound impact on the security, safety, and privacy of individuals and communities – the extent of which remains to be seen. This study aims to unravel the key security and privacy challenges faced by IoT, with a vision to draw a clear direction for future research. For this purpose, an eight-step systematic review of scholarly literature has been conducted. This led to the identification of twenty-five areas believed to be detrimental to the future of security and privacy of IoT. Additionally, a high-level outline for course of action to mitigate these issues has been provided. The study contributes to the body of knowledge by providing a robust foundation for future research based on an exhaustive and systematic review of literature published over the last ten years.