The story goes that, after watching the film, Reagan asked the chairman of the joint chiefs of staff ”Could something like this really happen? Could someone break into our most sensitive computers?”, and, after looking into it for a week, the general came back with the reply “Mr. president, the problem is much worse than you think.”, which prompted Reagan into setting off a series of interagency memos and studies that led to the signing of classified national security decision directive NSDD-145, “National Policy on Telecommunications and Automated Information Systems Security.”.

So... yeah, things probably actually were that bad, or even worse (except for the AI bit, of course).