Assuming there are undersea cables to tap, yes. Wouldn't this be a key element (for good or bad) of satellite/dirigible/balloon served internet - the ability to create a separate series of internet services?

How can you safely use a satellite or balloon (over the radio spectrum) if you can't safely use an undersea cable?

(This isn't purely a rhetorical question; maybe the balloon can be more tamper-evident than an undersea cable would be, or maybe the model for where link-layer or network-layer encryption can be applied could be more transparent or more controlled by a user or customer. But overall, it's tricky to explain why using RF, which there are tons of spy facilities worldwide and even in space to intercept, is safer than using an undersea cable.)