After a WAF deployment fails to prevent an exploit, adding an Access Control List (ACL) to the Virtual Machine (VM) subnet can be an effective control. ACLs provide an additional layer of security by explicitly defining which traffic can or cannot enter a network segment. By setting granular rules based on IP addresses, protocols, and ports, ACLs help to restrict access to resources, thereby mitigating potential exploits and enhancing the security of the IaaS network.