With the recent controversy that the NSA is data mining everyone in the country, and even watching what everyone is doing as they type it, Leo says that Steve Gibson has it figured out and Leo thinks he's right. The NSA doesn't need direct access to any servers. They can tap just outside the servers where the Internet comes in, and that's where the vulnerabilities are.
He also thinks that the data is just being collected, not necessarily sifted. That's what the massive new data center in Utah is all about. Then, if they need to refer to it, they can. They're also probably running a pattern matching software to see if any patterns emerge. Leo also wishes that they'd be transparent with what they're doing so we can have a say over it or at least debate it. But it isn't like Americans haven't been spied on before -- Hoover did it in the FBI all the time.
It's important to have the attitude that everyone you do online is out in the open for anyone to see. If you're really concerned, Leo says that CryptoCat is a great encryption utility.