There are some major security vulnerabilities in Philips Hue products, as found via Check Point. They note that Philips Hue smart bulbs could potentially be exploited so that hackers can access networks remotely for unsavory and malicious deeds across a user's home mesh.
Hackers were noted to hijack the bulbs and install unwanted firmware on the devices, so be careful when choosing Philips Hue and how best to keep security top-notch via the devices.