Yes / The Internet of Things (IoT) paradigm has continued to provide valuable services across various domains. However, guaranteeing the safety assurance of the IoT system is increasingly becoming a concern. While the growing complexity of IoT design has brought additional safety requirements, developing safe systems remains a critical design objective. In earlier studies, a limited number of approaches have been proposed to evaluate the safety requirements of IoT systems through the generation of static safety artefacts based on manual processes. This paper proposes a model-based approach to the safety analysis of the IoT system. The proposed framework explores the expressiveness of UML/SysML graphical modelling languages to develop a dynamic fault tree (DFT) as an analysis artefact of the IoT system. The framework was validated using a hypothetical IoT-enabled Smart Fire Detection and Prevention System (SFDS). The novel framework can capture dynamic failure behaviour, often ignored in most model-based approaches. This effort complements the inherent limitations of existing manual static failure analysis of the IoT systems and, consequently, facilitates a viable safety analysis that increases public assurance in the IoT systems. / The full text of this accepted manuscript will be available at the end of the publisher's embargo: 11th Feb 2025