"A booming industry of cybersecurity consultants, software suppliers and incident-response teams have so far failed to turn the tide against hackers and identity thieves who fuel their businesses by tapping these deep reservoirs of stolen corporate data." Sure, blame the consultants with their "booming industry". I'm sure T-Mobile spent adequate amounts of money on securing their data, hired all the best people, and…
I've been in security for over a decade. I currently work at a FAANG with nearly unlimited security budget. Previously I worked at another major tech company with nearly unlimited security budget. Before that I was a consultant and consulted at companies with huge security budgets. All of them, including my FAANG, struggle to have anything more than security that can only be described as "patchwork".
The truth is that nobody actually knows how to do security. Software devs are awful at it (the amount of FAANG engineers I know that don't even understand what encryption is, or think that hashing passwords is unimportant, would blow your mind), management is awful at prioritizing it or even knowing what to do in the first place, and every security professional in the industry is effectively just winging it based on what someone else in the industry promoted as "best practice" (and is probably outdated by now).
Sure, prolonged investment in security might help make things better, but that's not an overnight solution, and it might not be a solution at all given that the attackers are investing heavily in their methods, too. We have to do more than just acting like increasing the security department's budget is going to fix all of our problems. I guarantee it won't.