I’m currently taking online courses at a regionally accredited online school for my BS in Information Security. Do IT employers look down upon online degrees when compared to a traditional degree? I will also have additional certificates, network +, security+, cisco….Will an employer just throw my resume in the trash, and employ someone with a traditional degree?

You need to have some type of experience to complement your online degree. It is a very competitive job market and there are many factors which influence the hiring decisions. It is helpful to get involved in professional organizations with your peers, network with potential employers as well as achieving certifications. A paper degree will not necessarily hand you a job on a silver platter.
If your resume is professional and sells your skills, background and experience, it will not be thrown in the trash. Make sure you spend enough time to develop a resume that is honest, accurate and factual.