The Internet of Things and the Smart Home have become an increasingly important topic in recent years. The growing popularity of Smart Home Devices such as Smart TVs, Smart Door Locks, Smart Light Bulbs, and other devices is causing a rapid increase of vulnerabilities. Also, there are several vulnerabilities in software and hardware that make the security situation more complex and troublesome. Many of these systems and devices also process personal or secret data and control critical industrial processes. The need for security is extremely high. Owners and administrators of modern IoT devices are often overwhelmed with the task of securing their systems. Today, the spectrum of Smart Home technologies is growing faster than security can be guaranteed. Unsecured vulnerabilities endanger the security and privacy of consumers. This paper aims to examine the security and privacy aspects of Wi-Fi Connected and App-Controlled IoT-Based Smart Home Devices. For this purpose, the communication between the device, app, and the manufacturer's servers, as well as the firmware of the individual devices, will be examined. In particular, this paper highlights why it is important to make consumers aware of the security and privacy aspects of Smart Home devices. Finally, it will be shown which dangers exist when using these devices, how the use of these devices affects the privacy and security of the device and its users, and whether the devices comply with the European General Data Protection Regulation.