CTO explaining that to the CEO when your source code is completely gone:

CTO: "I know our entire github repo is deleted and all our source code is gone and we never took backups, but I'm hoping the developers might have it all on their machines."

CEO: "Hoping developers had it locally was your strategy for protecting all our source code?"

CTO: "It's a sound approach and ticks all the boxes."

CEO: "You're fired."

Board Directors to CEO: "You're fired."