@RoryAlsop @Ghanima I submitted a PhD proposal a few years ago based on this very subject and it was accepted and granted 3 years of funding. The jist of it was investigating IoT devices for security flaws and then drawing a framework and certification process that would provide a set of controls to meet some baseline security standards.
I never took up the PhD, as I went into industry full time instead, but I can guess at the outcome. Which is that even if there was a set of compliance and controls that where accepted by industry, they would have been toothless without some kind of regulation behind them , with regulators that had the power to issue fines and/or other deterrents. Security cannot be optional, it must be a requirement, and that requirement must be enforced. (in my opinion)