In many countries, digitalization is accompanied by disruptive changes in the labor market, including polarization in employment and wages as well as a decrease in employment growth. However, little is known about the individual (micro-level) consequences of digitalization, especially regarding differently affected subgroups. In this study, we investigate the relevance of digitalization, as measured by the task-based substitution potential of occupations, for individuals’ subjective job insecurity (SJI), focusing on differences between individuals with different socio-demographic and subjective-affective characteristics. We use large-scale cross-sectional data on employed persons from the German Socio-Economic Panel Study (SOEP) of 2013. Our linear regression models show that individuals in occupations with a high substitution potential report higher levels of SJI, compared to those with a low substitution potential. Moderation analyses reveal that the positive correlation between substitution potential and SJI concerns only certain social groups: older workers (46–55 years), employees with low and medium educational qualifications, and employees with a higher degree of neuroticism. Thus, the overall correlation between digitalization and SJI masks social inequalities in the extent to which people are affected by digital transformation.