I am getting a notification that reads “Signature verification for repository security failed”. What does this mean and what am I to do.

This means that one of your repos (“security”) has an invalid signature.
Could be that something is wrong with that repo, a bad mirror, a network problem, or a wrong URL f.e.
Might be temporary and fix itself over time without you doing anything.

But please post your repo list:

zypper lr -d

You might want to disable/remove that repo in YaST->Software Repositories, if you don’t really need it.