This paper presents the establishment of an Internet of Things (IoT) Lab at the University of Applied Sciences Upper Austria, Wels Campus, focusing on cybersecurity. The lab aims to address the educational gap caused by the rapid evolution and complexity of IoT systems, which traditional curricula often struggle to keep pace with. The lab provides a platform for hands-on learning and research, integrating IoT and cybersecurity principles across various academic disciplines. It is equipped with areas dedicated to device analysis, network security, data security and privacy, and cyber-physical systems. The paper also details the practical exercises provided to students, the hardware and software configuration of the lab, and a discussion on the strengths, weaknesses, and potential improvements of the lab setup. The lab represents a significant step towards fostering an environment of innovation and learning in IoT cybersecurity.