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No, but someone can sniff your packets if they wanted to if you're ending important information back and forth (personal ID or whatnot). And if you have any services enabled like file sharing, you'll be showing that to whoever comes in contact with you unsecured network and if a maliscious use is able to gain access to your files, then you're in trouble. Someone might also want to distribute illegal files through your conection, which could get you into trouble with your ISP if you start getting high bandwidth in.

It's not that hard to secure it even with only the bare minimal security settings. Better safe than sorry.
 
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