Disclosed herein is a method of detecting a security event associated with an IoT device configured to store data on a primary blockchain, in accordance with some embodiments. Accordingly, the method may include receiving, using a communication device, actual operational data associated with the IoT device. Further, the method may include retrieving, using a storage device, standard operational data associated with the IoT device. Further, the method may include analyzing, using a processing device, each of the actual operational data and the standard operational data. Further, the method may include detecting, using the processing device, the security event based on the analyzing. Further, the method may include generating, using the processing device, a notification based on the detecting. Further, the method may include transmitting, using the communication device, the notification to at least one user device associated with the IoT device.