Mechanical and Plant Engineering Study Reveals Lower Piracy but Higher Cybersecurity Challenges

VDMA, the largest network organisation for mechanical engineering in Germany and Europe, has published its new study ‘Industrial Security and Product Piracy 2024’. The study reveals a significant decrease in the number of companies affected by product and brand piracy, but highlights the increasing need for measures against digital threats.

Conducted every two years, the study offers insights into the prevalence of counterfeiting, the associated risks, and the measures companies adopt to safeguard their operations. Around 105 VDMA member companies took part in the 2024 study, which, for the first time, incorporated questions related to the growing significance of cybersecurity in the industry.

Here are the key findings.

Decline in product piracy

The study reports a significant decrease in the number of companies affected by product and brand piracy, dropping to 46% in 2023, from 72% in 2022. The financial loss from piracy also decreased significantly, standing at €4.1 billion in 2023, compared to €6.4 billion in 2022.