Yes, I think it was driven primarily by that.
I think if they were making record profits, it wouldn't have been an issue.
Besides, I have often thought about getting a court order for traffic monitoring from my job for a 1 week period just as insurance.
I've seen half a dozen other employees surfing the web too, but I don't trust management to be fair. If they get a hair up their butt here, they are likely to just give you the boot.
It happened about a month ago. They axed someone for not working "their hours", when the people above them (who terminated them) are always taking extended lunches, running errands, etc., on work time.
Scary stuff.
Absolute power corrupts absolutely.