There are concerns that smart plugs are at risk of hacking, which could theoretically allow hackers to gain access to smart appliances in your home or business. While your smart plugs might only be used for a TV or coffee machine, there could be more serious consequences if a hacker gains access to your WiFi network and then interferes with electric gates or security systems, for example.
Certain plugs from TP-Link, Meross, Innr and Ajax were discovered to be particularly vulnerable to hackers. Once an infiltrator gained access to the plug, they could shut down power and also remain on the home's wireless network undetected. All manufacturers concerned have either released or indicated they will be releasing fixes for these issues.
As smart plugs and devices become more popular, the guidelines and standards around them are becoming stricter, meaning the aforementioned vulnerabilities will be fewer and further between when future smart plugs are released. Choosing plugs from established, reputable manufacturers and keeping firmware updated remains the best line of defence.