Wow, strongest possible disagree. In the mid-to-late 1990s, you could download any project's tarball, grep it for "strcpy", and have an exploitable stack overflow within an hour. Nobody needed any depth in compiler theory, in constraint solvers, or in cryptography. About the only good thing I can say for the 1990s is that you sometimes got to work in SPARC and MIPS assembly.
Software security is harder in 2014, definitely. But that's a good thing.