There are some variations of this, like:
Напугал кота сметаной
or
Напугал кота котлетой!
Means "trying to scare a cat with a piece of steak"
Also some other animals are involved to in the similar pattern and meaning:
Напугал кобеля буханкой
Above animals do like a food mentioned, but a hedgehog just doesn't care, isn't afraid of:
Напугал ежа голой жопой
Means "[you are] scaring a hedgehog with a bare ass"
other:
напугал козла капустой
or
напугал козла огородом
and
напугал барана новыми воротоамиворотами
The same attitude can be expressed by a bit different but close analogue:
не так страшен черт, как его малюют