The main focus of this qualitative study is to explore and understand the boundaries of a brand protection program by assessing risks caused directly or indirectly by counterfeiting and finding remedies for treating those risks. 12 of 20 brand protection managers, anti-counterfeiting experts and marketing professors completed anonymously an internet-mediated questionnaire. During this study, a pattern of risk tolerance level within the sample was identified. The empirical results suggest that this pattern influences participants’ risk perception of and attitude towards counterfeiting; these also imply that, in risk treatment, this pattern influences decision- making as well as selection of countermeasures. Further, the results propose that brand equity and reputation are compared to other brand variables more vulnerable to the impact of counterfeiting. In addition, the results obtained in the question whether companies should employ public announcements of counterfeit seizures as an additional brand protection tool were contradictory. Companies were more apprehensive towards this solution than marketing professors. Thus, further investigation on this subject is recommended. This study concludes that as long as the impact of counterfeiting cannot be measured properly, the true damage on a brand or company and their reputation cannot be determined.