However, only 45% are adequately prepared in their cybersecurity.
The report of the study was produced in partnership with Telstra International, the arm of telecommunications company Telstra.
Omdia surveyed over 500 technology executives on the convergence of IT and Operational Technology in their core operations, and how they managed cybersecurity in manufacturing challenges.
Increased Risks from IT and OT Convergence
Greater risk of attacks comes as manufacturers move to leverage IT, such as AI and IoT, as part of their digital transformation.
These industries are big targets for cyber exploitation including ransomware.
Manufacturers affected by a cyber-attack reported a resilience or availability issue that cost individual firms between US$200,000 and US$2 million, taking the biggest hit when incidents affected enterprise and corporate systems or production control.
Fragmented Approach to Cybersecurity in Manufacturing Responsibility
Geraldine Kor, Telstra International's Head of Global Enterprise Business, said: "Greater connectivity between IT and OT is necessary to harness advanced technology for manufacturing innovation, but it increases the risks of a breach. However, very few firms are mature in protecting and defending against such cyber risks.
"Our study also uncovered a fragmented approach to security responsibility, which can leave manufacturing businesses without a clear direction. This responsibility must be clear and integrated so that one group or person will have the authority to act on security challenges for mission-critical systems. It is equally important to have the right people and security-focused culture as their absence will hinder security posture readiness, compounding technical challenges."
