I wish people would stop referring to an open network as 'insecure'. A network is only insecure if it doesn't meet your security requirements - people need to understand that not everyone has the same security requirements. Some people actually want to share their network.
An open network is open. As long as you meant that to be the case, that's all it is. If your security policy doesn't include preventing your neighbors from sharing your bandwidth, then it's not a security fault if it allows them to do that, it's faulty if it doesn't.
Are you liable for other's use of your 'insecure' network? No. No more so than your ISP is liable for your use of the Internet. Why would you want it to be otherwise? Note, by the way, that pretty much every commercial WiFi hotspot in the world is set up in exactly such an open mode. So, why should a private individual be held liable for doing exactly the same thing, merely because they don't charge for it?
Having said that, you do have to lock down your hosts, or firewall off an 'internal' portion of your network, if you want to run fileshares etc internally with such a setup.
Also, another way to deal with 'bandwidth stealing' is to run a proxy that intercepts others traffic and replaces all images with upside down images or pictures of the Hof. :-)