The Internet of Things (IoT) has transformed industries by enabling seamless communication between physical devices, digital systems, and users. However, the rapid growth and widespread deployment of IoT systems have introduced significant security challenges due to the scale, complexity, and resource constraints of these networks. Traditional security frameworks often fall short of addressing the dynamic and distributed nature of IoT, leaving devices vulnerable to a wide range of cyber threats. Governance, Risk, and Compliance (GRC) frameworks, traditionally applied in corporate governance and regulatory environments, offer a structured approach to addressing these security concerns. This paper explores the application of GRC practices to enhance IoT security by providing a holistic and proactive approach to managing risks, ensuring compliance with industry standards and regulations, and aligning security objectives with organizational goals. The integration of GRC into IoT security not only strengthens risk management processes but also ensures that organizations adhere to regulatory requirements, thus reducing potential legal and financial liabilities. Through a practical case study, the paper demonstrates how GRC frameworks can be customized to address the specific challenges of securing IoT networks across healthcare IoT devices. By adopting a GRC-driven security strategy, organizations which are deploying IoT devices can mitigate risks, maintain regulatory compliance, and create resilient IoT ecosystems capable of withstanding emerging cyber threats.