The Internet of Things (IoT) is the combination of devices such as software, sensors and electronics, communicates through wireless technology. The key enabling applications of Internet of things are smart healthcare system, smart grid, intelligent transportation, smart building, retail, military and business. Internet of Things (IoT) has received a considerable research attention in recent years. As the population increases drastically, the data has to be processed digitally and automatically. It is expected that, the importance of Internet of Things may rise rapidly in the upcoming years. Due to the increased usage of IoT devices, the IoT networks are prone to the security issues. The IoT network must ensure Authentication, Access control, Privacy, Policy Enforcement, Trust, Mobile security, Secure Middleware, Confidentiality. This paper provides a comprehensive study on security and policy issues in IoT.