I've never had any security problems with soft luggage in Europe. Tankbag & throwover panniers. I don't put anything of value in them but it wouldn't have mattered if I had. As Ted says keep your wallet & passport (I keep vehicle docs as well) about you in a pocket.
The only theft attempt I've had was a trashed lock on my topbox in Paris, hotel night man chased them away but hard luggage with no lock is a real pain in the arse. Bungeed it up to keep it on the bike. Hard luggage isn't necessarily that secure
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