Are you secure about everything under your feet while you're 30,000 feet up? It's not just your suitcases under there. Its boxes, crates, live animals, human remains, dangerous goods, freight transfered from other domestic and intl airlines, US mail, airline company material etc.
Relax. As an insider (cargo) employee for a US flag carrier I feel pretty good about the security in place. Shippers and brokers now provide a statement with each airwaybill (the airline "ticket" for their freight) that they have met all FAA security measurements and that they "know" who they have gotten the shipment from and what's inside. All boxes cannot be opened and checked by the airlines so this is mandatory from the shipper. Do shippers lie ? Yeah.**
But speaking for my employer we will not take freight from an "unknown" shipper. This means anyone tendering freight to us must be on record as having done so at least x times prior. They must be "known" to us otherwise it doesn't fly.
**If they lie it's usually to hide the true identity of a shipment (costume jewelry when it's really gold jewelry) to avoid certain charges. Foolish, yes. Or I've found undeclared dangerous goods - a definite stupid thing to do. When dangerous goods are presented properly an IATA checklist is applied. This airline goes by the letter of the law and has rarely been fined for error. In fact we have been accused by shipper's of being the most rigid - my name/my reputation is at stake for the acceptance or rejection - I would rather be too rigid than answer in a court of law. Any questions?, feel free.

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misstree