RAND Europe's report: Security Challenges to the Use and Deployment of Disruptive Technologies. Most of the chapter explains VoIP basics and follows a case study of an enterprise VoIP deployment at HSBC.

Chapter 2 (page 20 in the pdf file) lists risks from the PSTN-to-VoIP transition. They cite technical risks per VOIPSA:

• social threats,
• eavesdropping,
• interception and modification,
• intentional interruption of service includes denial of service and physical intrusion,
• unintentional interruption of service.

Their strategic concern was telecom industry disruption. They worry for the titans of telephony losing revenue and market share to VoIP disrupters like Skype. Until a transition to an all VoIP industry is complete, there is a risk of telco company failures and infrastructure abandonment.

RAND interviewed Skype's Melanie Libraro for their report.

My take: The biggest telcos are more likely to co-opt and squelch disruptive technologies than be threatened by them. For example, mobile telephony threatened local carriers; now local carriers like AT&T own mobile carriers. Why wouldn't they serve their customers if VoIP is what they want? So look to worldwide bigtels driving consumer VoIP regulation, retaliatory pricing, litigation, and M&A in 2008. I can almost smell the blood in the water.