A civil engineer's pedantic observation, but one which should encourage a bit of clarity. The sides of a cutting are absolutely not 'embankments'. An embankment is the opposite of a cutting, ie it's where excavated material has been placed to raise the track above original ground level.
That netting doesn't look as if it is serious ground stabilisation, but of course it could be over the top of some proper engineering. The netting is there to stop loose rocks falling and hitting trains/track-workers. It would never stop the sort of collapse of large amounts of wet material that appeared to happen last night.
Although very steep-sided cuttings through chalk are not uncommon, they do suffer from weathering, and some really heavy civil engineering is possibly the only way to guarantee no repeats.