However, as with many security expenditures, Rasmussen said the pitch for investment in IP protection is often a tough sell. Rasmussen referenced a case of a CISO with a well-known semiconductor maker that had a partnership with a large mobile-phone manufacturer. While the company was not very interested in the CISOs desire to invest in IP protection technology, they changed their mind when he said "What about their (the client's) IP protection?" forcing the company to think about the implications of a data breach that would effect a client relationship.

"Once he rephrased his argument, it changed their perception," said Rasmussen.

But the digital realm is only one area where attack on brands can take place. The CMO study also found 22.6 percent cited offline concerns, such as supply chain issues, as their main vulnerability. The Aon survey cited distribution or supply chain failure as the eighth largest risk to business.

"Counterfeiters have proven themselves quite adept at getting counterfeit products introduced into the legitimate supply chain," according to Jack Holleran, an Ernst & Young attorney who leads EY's corporate compliance advisory services practice. "There was time when counterfeit products were sold on street corners and in bus stations and back alleys. But it is now much more prevalent to find counterfeit products on legitimate retailers' shelves."

Holleran, who at one point worked for Phillip Morris in the legal department and formed the company's brand integrity unit, is primarily focused now on assisting chief compliance officers with the design and implementation of compliance programs. But brand integrity and anti-counterfeiting are now part of compliance as well, he said. Whether a company is in consumer products, technology or manufacturing, they face the risk of increased scrutiny from regulators if a company does not show that they are taking every reasonable step to protect the integrity of their supply chain and ensure no fakes are inserted into the process. Security also comes into the process, he noted.

"Counterfeiting and other attacks on brands are illegal," he said. "Part of a company's strategy in dealing with that issue needs to be outreach and engagement with law enforcement. While security may not play the lead role in terms of ascertaining how big a problem a company may have, they often play a critical role in outreach to law enforcement."

Relationships with law enforcement are critical now for companies with concerns about counterfeiting, according to Alex Burgos, a spokesperson for the Global Intellectual Property Center, an affiliate of the U.S. Chamber of Commerce.