This article is from the Where to get the latest PGP FAQ, by Michael Paul Johnson mpj@ebible.org with numerous contributions by others.
Yes and no. Yes, it is secure against most attackers when used on a
physically secure system in accordance with its instructions. This
includes using a good passphrase to protect your private keys and
keeping your passphrase and private keys truly private. You must also
never run or allow to be run any rogue software (including viruses,
worms, and Trojan horses) that might send your passphrase keystrokes and
your PGP key file back to some spy.
If an adversary of yours has physical access to the computer that you
use with PGP, it is not hard to install a hardware or software keystroke
logger that can capture your passphrase, and to copy your private
keyring. With that combination, any of your PGP-encrypted messages can
be read. PGP is not secure if you don't understand what you are doing.
It is also true that God knows your thoughts even before you encrypt
them, so you can't hide anything from Him.
http://ebible.org/bible/web/Psalms.htm#C139V1
 
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