The answer to your question depends completely on whether this node in the circuit is GFCI-protected. GFCI protection is an absolute must for your disposer; it's a high-amperage electric motor hooked up to your kitchen drain.
Since this J-box doesn't have a standard 3-prong outlet, you'll need to find another outlet on the same circuit; look for a countertop outlet nearby. Plug in an outlet tester (like the one below, available for $5-10 from your local big-box home improvement store), turn on the disposer, and hit the black button on the tester to short hot to ground, inducing a "ground fault".
If the disposer has GFCI protection, it will cut out, and you're golden as far as circuit safety. If not, you definitely need to rewire this J-box with a GFCI outlet.
Even if the disposer is GFCI protected, you have other problems. The outlet is in a "wet" place; you hope that the under-sink area never leaks, but there is always, always, a plumbing emergency at the kitchen sink at some point. To avoid a continuous ground fault through contact with standing water in the J-box (which would prevent you from resetting the GFCI until the whole area dried out), you should seal this area as best you can. A little adhesive spray foam to fill the gap between the wall and the back of the cabinet, followed by a layer of silicone adhesive caulk to waterproof the spray foam (people think spray foam is waterproof, but it really isn't), and a child-resistant outlet and plate with a rubber or neoprene gasket (and/or another dab of silicone) should keep the water out in any situation less than a full flood.