Governance really is THAT important.
Security used to look something like this… https://www.youtube.com/watch?v=D0n8N98mpes. Then organizations started to focus on compliance when Sarbanes-Oxley and in PCI became mandatory and prevalent. Security professionals realized that compliance in and of itself wasn't enough, and the focus shifted to addressing risk. Problem is that people still feel like they are playing Wack-a-Mole. The governance problem started becoming… A problem. It grew geometrically with the number of different new systems, vendors, applications, interconnections, interfaces, and dependencies.
During the lifecycle of the system there are different security and risk challenges that must be solved, such as those described in context of a PCVMR Cycle, which recognizes the importance of maintaining the system over time.
Let's look at operational hygiene, or governance, in the lands of a state security model. You start at the 0 when the system has been validated/authorized for operations. Ideally at that moment in time the system is fully secure without any flaws. You've tested the system against known attacks and established that the system is properly secured to your baselines. Over time, however, the adjusted state for where you should be is a slight trajectory upwards with some growth to recognize changes in security posture/configurations, architecture, design, firmware, patches, control inheritance, additional solutions, etc.
Compare the state of where you should be vs. the day 0 configuration and what you find is that over time you have a greater gap. Let's call this current state vs. secure state gap "drift". The drift/gap gets larger over time, and leaves you susceptible to compromise. Now go back and look at the wonderful statistics the Verizon team put together and read the column in red.
Does compliance = security? Depends. Depends on whether you recognize a properly implemented risk management framework as necessary to meeting the compliance requirements. Depends on whether you recognize compliance requirements must be managed over time. Depends on whether you have the right people who understand, processes that enforce, and tools that execute and track governance of your systems.