This paper rummages into the stirring world of Internet of Things (IoT), which in recent years has soared in popularity and practical applications. Today it connects diverse devices of various forms from all across the planet into a sophisticated yet unified system. IoT is revolutionizing modern lives with all its features and implementations across many multiple domains like healthcare, broadcasting, safety, etc. However, with the rise of IoT, it has also raised apprehensions about the networks which need to evolve as they are the pivots of IoT devices. IoT devices can be prone to network attacks due to a lack of proper protocols for managing the IoT devices, jeopardizing crucial data. This survey thus aims to summarize the working of IoT across networks, looking into its working and components, its current challenges and limitations, the security and privacy concerns plus its countermeasures.