I think it's more of an Eternal September (http://en.wikipedia.org/wiki/Eternal_September) event where security was fairly well understood by a small group of people that needed it in the 80's, but 'those in the know' (Banks, NSA, etc) never really spoke with the new generation of web developers.
PS: There is a reason that phrase refers to September 1993.
I remember when Eternal September began. I wasn't exactly a seasoned veteren at that point, but I had at least enough history to have compiled a Usenet FAQ (I came online in 1990). It was sad what the Eternal September did to misc.kids. I still miss that group from before that time.
PS: There is a reason that phrase refers to September 1993.