The security of networked IoT devices is quite challenging since the nature of devices is heterogeneous and the multidisciplinary IoT applications has variable contexts and dissimilar service requirements. The Next Generation IoT Firewall project intends to make progress in this new domain of active safety and research, whereby we will develop,refine and employ our novel ML and AI based algorithms to provide context aware security in IoT network. Efforts will be made to develop hybrid approaches for automatic vulnerability discovery in both small and large scale IoT networks with little or no human intervention. A novel IoT firewall solution will be developed in lowest possible cost based on the open source tools that will help in providing the IoT networks and applications full proof security while ensurig its easy adaptability for different IoT system developers, service providers and device vendors.