The traditional definitions of "security" and "sovereignty" are no longer valid in today's era of global interdependency. Security has to cover more than just jurisdictional borders, countries need to secure cyber borders from attack as well the physical ones. Like security the concept of sovereignty now extends outside of a country's physical footprint.
I personally agree,In the context of global interdependence where every culture, idea and civilization is getting complacent with each other, the idea of human kind, its values and meaning has to be altered every now and then. Change is the absolute part of every human and it is same to all definitions and principles he upholds. Those who show restraint get ostracized from the normal world. In this case the idea of security and sovereignty cannot be the same for the last five decade and especially after the world markets were interlinked.
No, security and sovereignty do not need to be redefined because of a new global interdependency, because the ability to communicate with each other on a global scale does not change security. We still have to be vigilant of attacks, and that now includes cyber attacks. But a nation does not give up his claim for sovereignty because it develops technology.
There already are rules and laws in place in civilization in order to govern the relations between countries, it really doesn't make sense to refine the idea of a country. The countries in the world today are, if anything, far too big, but the rules governing them already prvide diplomatic frameworks.
No, just because the world has changed a little bit do not need that we need to run and redefine these two words. I think that they still stand for the same thing today as they always have, and that nothing has changed all that much to make these change.