Industrial and economic espionage are underestimated criminal offences. Although the phenomena are diffuse and ambiguous, they can result in enormous material and immaterial damage. Referring to results from the German research project WISKOS, the phenomenon of obtaining trade secrets (including the offenders, modi operandi, affected trade secrets, outflow of trade secrets and detection abilities) are described, as too are possible countermeasures and associated law enforcement difficulties. Considering the phenomenological results, potential preventive measures based on the situational crime prevention and deterrence strategies are listed. Legal regulations and sanctions in Austria, Bulgaria, Denmark, Germany, Switzerland and the United Kingdom are compared. Lastly, based on the outcomes of criminal proceedings, it is discussed whether the existing criminal law is an appropriate measure to deter potential offenders.