Unplugging it.
Seriously.
Gas discharge types are probably the best, as is proper grounding, BUT...
No arrester will last forever; one strike is likely to take them out, leaving the circuit unprotected, and with no indication.
Lightning rods may help, if it's a serious problem.
If safety is a concern, isolate the internal telephone system from the external with an optical (fiber) interface. Of course, that can be costly.