Word that the Uk are considering tougher security rules for IOT products, this include mandatory labels that inform customers how secure a product is and retailers and a scenario where stores would not be permitted to sell products without such labels. However at a consultation stage so a little before changes would be implemented and would be on a voluntary basis in the first instance anywway. Mandates might also require unique IOT passwords which could not be reset to factory settings . To be successful of courrse the Uk would need to work with international partners as many smart devices have a global outreach. Important to do some research and take neessary precautions. Whilst smart devices will have their own security settings if you add any further protection then well advised to do so. Obviously having seperate passwords reduces the risk, even if that goes without saying (but for some temptation to simplify things) You are advised to regularly change the wi-fi password on your router and regularly update .
Consumers may still be uneasy about the risk of hacking and there was a case reported not so long ago when Amazon's Alexa had recorded one customer's conversation and sent it to a random contact, though the company were investigating to ensure a similar event would be less likely (though claimed it would be very rare and was likely a malfunction)