I think many companies think they can solve this issue by throwing money at their cyber security teams. It just happens that cyber security teams are often ineffective.
Good cyber security people are expensive because they are highly skilled: they typically need to have been a software engineer to understand software architectures and have intuition about them, have spent significant time sharpening their skills at hacking by participating in CTFs, and have probably also spent significant time doing reverse engineering and have a few CVEs attributed to them. (Why are these skills needed? Because they are the skills needed by the red team. Every company that takes cyber security seriously will have a red team.) Now tell me whether these people are worth $500,000 per year.
Where are you getting your information from? The levels of security negligence I hear about aren't even a big ask. Huge companies neglect to do basic things like "don't store your passwords in plain text" or "make sure you salt and hash your passwords".
I don't think it's fair to say cyber security teams are failing if companies are blatantly doing the worst and most obviously wrong things on the daily at the highest levels.