Internet of Things (IoT) technology is increasingly pervasive in all aspects of our life and its usage is anticipated to significantly increase in future Smart Cities to support their myriad of revolutionary applications. This paper introduces a new architecture that can support several IoT-enabled smart home use cases, with a specified level of security and privacy preservation. The security threats that may target such an architecture are highlighted along with the cryptographic algorithms that can prevent them. An experimental study is performed to provide more insights about the suitability of several lightweight cryptographic algorithms for use in securing the constrained IoT devices used in the proposed architecture. The obtained results showed that many modern lightweight symmetric cryptography algorithms, as CLEFIA and TRIVIUM, are optimized for hardware implementations and can consume up to 10 times more energy than the legacy techniques when they are implemented in software. Moreover, the experiments results highlight that CLEFIA significantly outperforms TRIVIUM under all of the investigated test cases, and the latter performs 100 times worse than the legacy cryptographic algorithms tested.