I tend to be a little like Uber, important stuff (credit cards, passport, cash etc) is usually on my person (I have a small bag that goes inside my cloths for such stuff). Other 'important' (i.e - important to me) stuff in a bag that's easily removed and keep it with me (the Kriega 5/10US are good for this).

Everything else is on the bike, sometimes in soft luggage sometimes hard. The only things I have ever had stolen was overnight and it was a bag containing some scottoil and another containing water, another rider had his tent & camping gear taken (he was rightly p!$$ed off about it too).

Generally, take some sensible precautions and don't flash what you have about. Theft is usually one of two things, you've shown what you have and someone wants it more than you do, or it's just opportunity theft (you've left something easy to take or on show).

I've used a pac-safe bag at times - I just tend to look around and asses the place, it's difficult to put it into words, but experience gives you an intuition as to the risks.

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Never underestimate the power of stupid people in large groups.