I can believe there are places that happen to have both harsh penalties and low crime rates, but I'm more skeptical of a general relationship. I believe studies in the U.S. have found that varying probability of punishment significantly varies deterrence (people aren't deterred if they believe they have a low chance of being caught), but that revising sentence levels upwards or downwards has virtually no effect.
As long as we're trading anecdotes, I live somewhere with very lenient penalties for crimes and what you describe is also true here. People typically don't even bother with a cable lock, they just use an O-lock [1] that locks the rear wheel to itself, whose main purpose is to make it inconvenient to ride off with the bike.
As long as we're trading anecdotes, I live somewhere with very lenient penalties for crimes and what you describe is also true here. People typically don't even bother with a cable lock, they just use an O-lock [1] that locks the rear wheel to itself, whose main purpose is to make it inconvenient to ride off with the bike.
[1] https://en.wikipedia.org/wiki/European_city_bike#O-lock