Security continues to be paramount for any electronics-based design, and this is especially the case for IoT deployments where complexity, resource constraints and a high degree of connectivity exist. While much talked about, the approach to IoT security needs to rely on established security principles as well as careful consideration to the ever-changing threat landscape. In this white paper we investigate some of the IoT security challenges design engineers face when bringing their products to market. In particular, the paper highlights why a software approach to IoT security implementation can no longer meet acceptable levels of assurance and protection as well as sets out the reasons why a hardware-based approach is now considered an essential element of any IoT solution design and implementation. This paper also emphasizes the benefits of taking a more holistic approach to IoT security, embracing a new mindset beyond past practices.