There's a company called pacsafe that make wire mesh contraptions. They are designed for backpackers so they can lock there rucksacks up safely.
It's a wire mesh construction so even if some one tries to slash your bag open they can only steal what will fit through the 5cm squared holes in the mesh. It has a longish metal rope which acts as a drawstring to pull it tightly around the bag and then that can be locked around a lamp post or in the case of bike luggage around the frame of the bike.
Like i say not specifically designed for bike luggage although you can get various sizes, and they can be very expensive (for a large rucksack 80litres much larger tha pannier size) they are about £50. Worth a look tho if your worried about leaving stuff.
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