Voice over IP (VoIP) services based on Session Initiation Protocol (SIP) has gained much attention as compared to other protocols like H.323 or MGCP over the last decade. SIP is the most favorite signaling protocol for the current and future IP telephony services, and it‘s also becoming the real competitor for traditional telephony services. However, the open architecture of SIP results the provided services vulnerable to different types of security threats which are similar in nature to those currently existing on the Internet. For this reason, there is an obvious need to provide some kind of security mechanisms to SIP based VOIP implementations. In this research, we will discuss the security threats to SIP and will highlight the related open issues. Although there are many threats to SIP security but we will focus mainly on the session hijacking and DoS attacks. We will demonstrate these types of attacks by introducing a model/practical test environment. We will also analyze the effect and performance of some the proposed solutions that is the use of Network Address Translation (NAT), IPSec, Virtual Private Networks (VPNs) and Firewalls (IDS/IPS) with the help of a test scenario.