I encrypt, though. I don't just run open.... I have the second biggest HSM footprint next to the Department of Defence so I have a lot of cryptology that happens across my network.
Yes, there's still a private network that may go through a third party, but it's still encrypted for me to all of my end points, and the transactions that cross it are encrypted.
Encryption's not trivial. As to whether a nation-state has some way of breaking through the encryption that I'm not aware of could intercept what it is we're doing, that's possible, but not to my knowledge.