From home automation to business control systems, the Internet of Things (IoT) has transformed how we interact with the environment. But as the quantity of IoT devices increases, so do the forensic and security concerns. The problems and prospects in IoT security and forensics are briefly discussed in this paper. The first issue is that IoT devices lack security, leaving them open to threats like denial-of-service attacks, data theft, and hacking. This is brought on by the lack of a uniform security protocol for IoT devices. The lack of forensic tools and methods to look into crimes involving IoT is the second problem. The third difficulty is gathering and analysing massive amounts of data produced by IoT devices. The paper also discusses ways to address these issues, including the creation of a standardised security protocol for IoT devices, advancements in forensic methods and tools for the investigation of crimes involving IoT, and the use of AI and machine learning to process and interpret massive amounts of IoT data. The report also looks at the part stakeholders play in assuring IoT security and forensics, including manufacturers, regulators, and end users. This paper's conclusion emphasises the urgent need for forensic and IoT security solutions to resolve the issues brought on by the vulnerabilities of IoT devices. The possibilities discussed in this paper offer stakeholders a road map for taking proactive steps in safeguarding IoT devices and looking into IoT-related crimes.