VoIP (Voice over Internet Protocol) is a technology of transmitting and receiving voice and data over the Internet network. As the telecommunication industry is moving toward All-IP environment with growth of broadband Internet, the technology is becoming more important. Although the early VoIP services failed to gain popularity because of problems such as low QoS (Quality of Service) and inability to receive calls as the phone number could not be assigned, they are currently established as the alternative service to the conventional wired telephone due to low costs and active marketing by carriers. However, VoIP is vulnerable to eavesdropping and DDoS (Distributed Denial of Service) attack due to its nature of using the Internet. To counter the VoIP security threats efficiently, it is necessary to develop the criterion or the model for estimating the information security level of VoIP service providers. In this study, we developed reasonable security indicators through questionnaire study and statistical approach. To achieve this, we made use of 50 items from VoIP security checklists and verified the suitability and validity of the assessed items through Multiple Regression Analysis (MRA) using SPSS 18.0. As a result, we drew 23 indicators and calculate the weight of each indicators using Analytic Hierarchy Process (AHP). The proposed indicators in this study will provide feasible and reliable data to the individual and enterprise VoIP users as well as the reference data for VoIP service providers to establish the information security policy.