We really like Belkin's line of WeMo devices, as they simplify home automation in an elegant way. Unfortunately, security firm IOActive claims to have discovered a vulnerability that may allow malicious hackers access to your devices.
The vulnerabilities found within the Belkin WeMo devices expose users to several potentially costly threats, from home fires with possible tragic consequences down to the simple waste of electricity. The reason for this is that, after attackers compromise the WeMo devices, they can be used to remotely turn attached devices on and off at any time. Given the number of WeMo devices in use, it is highly likely that many of the attached appliances and devices will be unattended, thus increasing the threat posed by these vulnerabilities.
In their press release, IOActive doesn't really explain how a malicious hacker could gain access to any given WeMo device. They also state they will provide protective solutions, but only at a forthcoming securities conference. Because we don't know the details its hard to gauge the risk level of this threat, but we're not keen on advising everyone to unplug their WeMos immediately.
If you're concerned, however, consider locking the WeMo down to only your local network in your router settings. Simply blocking every WAN port for its IP address should do the trick. That means you won't be able to turn off your lights from halfway around the world, but at least you'll be able to do it from the other room. If you're worried about this potential threat, however, this is a simple fix. That said, we're not yet convinced it is a significant one. You may just want to keep an eye on your devices until more develops.