I'd still use the security setting if possible even if you think it's unnecessary... to avoid fat finger breakage.
I'm possibly preaching to the choir, but... <preach> Security needs a many layered approach, not just one hard outer shell. There's a similar setting in munin-node to restrict access to a known server. The good thing is the default is localhost only. Hopefully people don't change it to allow all. Likewise snmp agents. Etc. </preach>
