With the rapid proliferation of the Internet of Things (IoT), small devices in various applications generate, process, and exchange security and safety-critical data as well as privacy-sensitive information. However, due to limited hardware capabilities of such small devices, the IoT networks are inherently vulnerable to security attacks. In this context, the analog cooperative beamforming (ACB)-based physical layer security (PLS) technique can be a suitable solution to guarantee security in the IoT networks by creating a virtual antenna array with multiple IoT devices. Nevertheless, such techniques suffer from poor secrecy performance, when an eavesdropper is located within the main beam toward the legitimate receiver. Motivated by this limitation, in this article, we propose a fully distributed null-steering beamformer, which is suitable for IoT networks following decentralized architecture. Through analysis and simulation, we show that the proposed PLS algorithm outperforms the existing ACB-based PLS scheme. Furthermore, we show that there exists an optimal degree of nulling that maximizes the secrecy performance, which can be estimated based on the analytical results.