Some societies need a good turning upside down.
Egypt is one of them. There is value in most of the value being in the shock value. Egypt has already done the sorts of things you suggest. It doesn't work. Putting up porn actually makes a lot of sense from a decision matrix perspective here. First of all despite the pretense otherwise Egyptians watch a lot of porn (like most countries). It's sort of a great "in your face" mirror to a country rife with hypocrisy.
It's not like the authorities give much breathing room for more nuanced protest anyway. They're already in for a very unwelcome visit to the slammer if they are caught. Might as well go as transgressive as possible while you still can.
Under no circumstances is it ok to show porn in a public setting. I say this as someone who very much enjoys porn.
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Porn in the Arab world is probably going to turn already misogynistic men even more down that path. First, perhaps they can try to view women besides their mothers as humans, then we can work forward from there
If the goal is to get companies to get their security in order, than showing porn is certainly one of the most effective ways. It'll put political pressure on the company that owns the billboards, for one.
Show a cute picture of Big Bird telling people to eat more pizza, and the company will just reset some passwords. Show a couple of choice scenes from Brazzers and the CEO just got a call from a government minister and suddenly the leaky hardware is getting replaced at breakneck speeds.
Works well too if the goal is just to get people to object to digital billboards.