What was "The Incident" at work that caused an exodus in the work force?

The head of IT where I work quit on the spot during a meeting with the president of the company because the president wouldn't agree with any security measure IT wanted to put in place because they were too expansive, and also because he was fedup of being micro-managed by someone who's only achievement was being the child of the founder. That was a couple months after being hit with a ransomware that made us lose rougly 10 years of data. (IT had no budget to implement proper backups and everything)

Then the whole IT department left the company the same week.

That was a year ago. They tried hiring new IT staff, they keep leaving because the president still micro-manage them.

Edit : I still work there, I'm not in IT, and I never have to deal with the shenanigans of the president. Only thing that changed as far as I know is that they changed the structure of our file servers, and we are slightly more restricted than before, but we still all have access to way too much files on there and we still all have admin rights on our laptops, so anyone can install anything.