The number of IoT devices is growing daily. Although the estimates of the current number of connected smart devices vary, it is indisputable that all the sensors produce unimaginable amounts of data. We have come from smart phones and smart fridges to smart everything. The aim behind all the data collection is to improve users’ daily life. However, as with many good things, IoT also have side effects: they may pose risk to users’ privacy and security. For this reason, the regulators believe users should be adequately informed about the possible risks to make an informed decision on the use of the novelty.