Sensible precautions described above will keep your any camara safe. Nothing will keep you from looking like a tourist, so just have fun.
The distinction made above between "mugging" and "pickpocketing" is valid - you are not nearly as likely to be assaulted as you are to be picked. After having living in Washington, DC, and in Manhattan for twenty years or so (I am happily free of all that now!), I found that the few petty thieves I came across anywhere in Spain were a sad lot and not worth worrying about. Most will fold like a matchstick, but beware the eastern european malefactors (easily the most dangerous criminal element).
I insist on lugging around a sony "handicam" (trv11) in Spain, out of sight over the shoulder and under my jacket, or in a plastic grocery bag from Mercadona so it looks like a package of chorizo. By the way, the eccentricity of the wrinkled Mercadona package goes a long way towards making me look less than a choice target!