An interesting read but isn't it kind of missing the point? Most people running a home grown security system via one of the main IoT hubs just want basic security against your average smash and grab criminal. They aren't doing it because it's "popular and trendy" - it's a relatively easy way to monitor your home without the cost of traditional home security systems.
To be clear (i.e. avoid the usual negativity of IoT thread on HN - "No one should use IoT because it's so insecure!" etc), personally I think this type of breakdown is something that should be encouraged - hopefully it'll push device manufacturers towards making more secure products. iSmartAlarm is being sold specifically as a security system so they should be open to criticism if they aren't any more secure than a basic IoT hub with a few sensors...
It would also be interesting to see similar analysis against COTS/commercial grade security systems.