RedisMonitor supports AWS security groups for people who are interested (just hit support and ask after signing up). This is the safest way to open up Redis for the security-conscious.
Standard security on a Redis server is a very long password checked at login (AUTH). All of the communication between client and server is unencrypted. We consider this reasonably safe within EC2, high risk over the open Internet.
Redis doesn't have TLS. A few clients have forks with TLS support, but we haven't audited their security at all yet and (frankly) we don't trust them at all.