From Noonsite – outboard motor theft in Panama.
According to the article, the owners did the recommended actions to prevent the theft (raising the dinghy, securing the obm with a cable, etc).
One paragraph – ‘Once more, be vigilant. Use extra precaution in stowing the dink. Stowe it as high as you can. A bar-lock system is most efficient. Also, consider a cable-alarm system: no lock, the cable must be cut, which triggers a 120 db. alarm. Having a dog on board is a pretty good alarm system, as well as motion-triggered lights.’
I have a link on the site to Tampa Bay Alarm Locks, which offers a security cable with an audible alarm. Stop by, see if it will suit your needs.