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Even if they do not at this time. They can start at any time. You may even be surprised what is on your own PC. We keep records but dont review them unless we have a problem.
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Our company works the same way. Collecting the data isn't all the expensive: processing and managing it is. If a problem arises, we can go back for more than a year and compile reports. As mentioned before, you'd be surprised the kind of information that could be compiled. I operate on the grounds of: just because I can, doesn't mean I should. However, I have worked with security/network admins that love to process that crap just to find out what people are doing.
Another interesting thing most should be aware of, and I'm quoting our corporate attorney: "When you walk through the office door, you essentially leave all your civil rights outside." A company has the right to monitor all communications (telephone, fax, email, network messaging, etc.) and may do so without notifying you. (I've actually worked for a multi-national entertainment company that went so far as to monitor every phone call in my department for a period of time.) Your desk/locker/office belongs to the company so you really do not have any protections against search and seizure. Thankfully, many of us work in companies where our privacy is respected. Unfortunately, that is not something we can count on.
If you're in good straits with your supervisor, ask him if he minds you doing the occaisional mail/ARFCOM check when you have down time. Get to know your IT guys (very important to be friendly to them *before* you actually need their help). Know what your company considers acceptable Internet usage and stay within those boundaries. (Some companies prohibit all non-essential use, including email services like yahoo/hotmail. Others, like ours, only prohibit sites/usage that would offend coworkers: sexist, racist, etc.)
As already mentioned: assume they watch everything and act accordingly.
Edited to change shouldn't to should. Talk about saying the opposite of what I meant.