A direct interpretation of the Internet of Things concept refers to the usage of standard Internet protocols to allow for human-to-thing or thing-to-thing communication. Although the security needs are well-recognized, it is still not fully clear how existing IP-based security protocols can be applied to this new setting. This Internet-Draft first provides an overview of security architecture, its deployment model and general security needs in the context of the lifecycle of a thing. Then, it presents challenges and requirements for the successful roll-out of new applications and usage of standard IP-based security protocols when applied to get a functional Internet of Things.