Abstract: A portable security system for protecting a firearm includes a firearm engaging module including a module alarm circuit having a power source, an alarm activation switch, an alarm arming mechanism, a wireless alarm signal transmitter, and a connecting mechanism for connecting the module to the firearm, an alarm monitoring system, and wireless alarm signal relaying device operationally connected to an alarm monitoring system including a telephone link to a monitoring station for alerting appropriate persons when an alarm signal is received from the alarm signal transmitter. The security system preferably additionally includes a panic button alarm signal activation mechanism for causing the transmission of an alarm signal to the alarm signal receiver without displacement of the firearm engaging module.