I had had this question come up the other day from a former graduate student of mine. She mentioned that she wanted to teach and asked how I went about finding the positions that I have had at various schools in the past. While I responded to her, I thought to myself, "Self, others may be interested in hearing this too." So, here it goes.
The first thing to consider where you want to teach; primary/secondary level or collegiate. While my wife teaches in the former, I cannot speak to what it takes to teach at that level. I am sure it is different from state to state and from what I gather, it sometimes changes depending on the needs of the state.
At the college level, there are many things to consider. Various accrediting bodies have rules that state who is and who is not qualified to teach at the college level. In general, you need at least 18 hours of graduate credit in a specific discipline to teach at the undergraduate level in that discipline. So, those with masters degrees in say, information systems, could teach undergraduate courses in information systems. This is often seen at community colleges and universities where teaching (as opposed to research) is the emphasis.
Unfortunately, these positions are usually non-tenure track positions, listed as lecturers or adjuncts, and not paid as well as more traditional faculty positions. They often however have the advantage of not being required to do research or provide service to the institution both of which can be extremely time consuming.
In order to "move up" the faculty food chain, you're going to need a terminal degree; often a PhD within the field. On the positive side of things, it usually means more money, possibility for tenure and promotion, and more prestige. But, it also means more requirements for research and service.
The reality is that without a terminal degree, it is unlikely that you are going to be able to get a tenure track position at a research university or even a more balanced university. Without a terminal degree, you should focus on applying to universities whose primary focus is teaching or to community and online schools.
If you have any questions regarding teaching at the university level or about information systems, please feel free to ask or follow me in Google+, Twitter, or LinkedIn.