Yes I've noticed the organisation has gone very quiet on this scripture lately. It was pushed a lot more in the eighties. Probably also something to do with the neutral, and even positive light, that the Society is portraying the UN in these days (this going soft on the UN is proof of an apostasy in the tops ranks perhaps?)
My understanding is the Society always took the scripture to mean that mankind via his political expressions, likely the UN, will at some point feel he has achieved a real measure of true peace and security at last, and a rather dramatic announcement to this effect will be made, immediately preceeding their destruction by God's forces.
But I recall an article a few years back where they indicated that the fulfillment of this 'prophecy' could in fact be either a dramatic announcement, or a long drawn out affair, like the continuing ongoing efforts of the nations in recent years to focus more on bringing about peace and security thru international cooperation and forums like the UN. So they were intimating that we could be seeing the fulfillment of this right now, ie, the nations continually focused on bringing about peace and security via the UN. So they have got both bases covered in a way.
In any event, I personally expect there will be a fulfillment of this scripture one way or the other, however, likely not in the way that the JW's are expecting. e-watchman.com interprets prophecy to indicate that the Anglo-American dyad will soon be destroyed (along with the Watchtower Society collapsing at the same time, this being Jehovah's punishment for it's sins), and that we are likely on this brink of these events. He speculates that a monstrous global political organisation will arise from the ashes and tyrannise mankind, trying to force them to obey it, and then Jehovah finally intervenes. If these events do in fact transpire it could be such a new more dictatorial version of the UN that cries 'peace and security', stating that it is the ultimate solution, and trying to fool all of mankind - a last ditch effort by Satan to suck as many down with him as he can before his final abyssing.
Time will tell.