I have the same set-up as you. My cable also goes through the deck, the access hole being under the leg of the steelwork. However, whereas yours is 'open' and you can see the cable, my cable has been seated in a rubber grommet, filling the space under the leg and making the hole watertight. I suggest you may want to consider doing something similar, remove the leg and seal around the cable. If you do go down this route you may also want to consider replacing the nav light cable with tinned conductors as part of the overall job.