A method and system for providing selective protection of data exchanged between user equipment (UE) and network is disclosed. The selective protection is applied to a packet, a bearer or an access point name for secure exchange of data between the UE and the network. The network decides to apply selective protection based on configuration of network, configuration of UE, load in the network, battery power availability of UE, type of application running on UE. Further, the UE can request for selective protection based on the type of application running on UE and the battery level availability of the UE. The selective protection is either enabled or disabled dynamically by the network. Further, various mechanisms for applying selective protection for each bearer, each packet and each Access Point Name (APN) are disclosed. Additionally, the method for identifying a secured and a non secured bearer has also been disclosed.