The rapid growth of mobile telecommunications industry has been influencing the tremendous technological diffusion offering lower access cost, mobility, and convenience based communication as compared to wired telecom. The global rise of mobile competition helped service providers to offer much improved services both in terms of capabilities, information processing, retrieval, and communication over typical problems of inefficiencies generated by monopolies in wired networks. While there are significant opportunities to leverage the growth of mobile devices to increase the effectiveness of mobile users, also there are significant concerns about security and privacy of sensitive data that must be handled in these devices. Correspondingly, cyber security is becoming one of the top priorities for any nation. This paper reviews and presents some of the literature exercises in this regard. Objectives of this paper are: (i) to bring into light the explicit and implicit assumptions on the nature of technological change and how they could raise security issues, (ii) to discuss the technology and management perspectives on the security issues, and (iii) to present them through a methodology oriented taxonomy. It is believed that the adoption of methodology driven by sense-and-respond model would serve as an effective means to achieve these objectives.