The issue of trust is central to the core of security, both for real-world and cyber arenas. Using an open source OS with complete code inspection and automatic updates (for the OS) will mitigate part of the problem, but will not mitigate or even begin to mange the issue of a rogue codebase specific to the manufacturers hardware.
For example, everybody has probably heard of the Raspberry Pi computer. You can put whatever Linux distribution you feel like on it if you are comfortable with that sort of thing, BUT, and this is the very important bit, you cannot make the OS work without a specific binary file provided by one of the chip manufacturers. So while the OS might be made secure, you can never know what is in that binary file - what features does it actually possess? Does it have a backdoor? Can we even tell? What about a 'sleeper' command that activates hidden features?
So there are really two parts to this from a hardware point of view - the underlying OS and its features, and then the actual firmware code that makes the particular device work. Unless you can trust the manufacturer you are already boned and there is no way around that.
To be as sure as possible about keeping the devices both up-to-date and maintaining network security simultaneously requires a defence-in-depth approach. This is not something that the electronic security industry has typically engaged in for IT networks and is a separate and specialised skillset. There is no 'black-box' or silver bullet to manage this unfortunately.
The only other way I can think of to secure an IP based camera system is to have it separated entirely from the internet and anything else. You cant attack it if it is isolated in that way.
So in the end the problem is bigger than just firmware alone. Its a whole trust assessment process, design process and risk management. Like all things in security - how far do you go to reasonably mitigate risk?
