As a cyclist it's not uncommon for me to have a few bikes on a trip worth several thousand dollars. I use a master Python cable lock to my swagman rack and then a cover. While the lock could be cut, the rack can be cumbersome if you don't know what you are doing by the way it secures the bikes with 2 ratcheting top tube locks and a strap to each wheel to the tracks in the rack. Add that the cover is on them secured with zippers and straps and no one knows what's under there. The rack itself is bolted to the receiver and has a locking pin. Nothing is foolproof to a thief that wants something, but been doing this for 8 years and so far I haven't had a bike stolen yet. In the FWIW department, if someone were to steal a bike, my insurance would allow me to get a brand new one - which is more than DW will let me do. ;)