Mexico, Egypt and New Zealand are the least prepared countries when it comes to data security and cybersecurity threats, according to a new study by a company that makes encryption and password management software.
“Mexico takes the lead as the least prepared country for data security threats,” reads the study by Psono, in part.
The study, according to the company, evaluated 54 countries for data security preparedness by factoring in the UN's Global Cybersecurity Index, the available number of accounts exposed in each country during data breaches, and searches for the phrase, “how to create a strong password”.
Psono's report also took into consideration the number of cybersecurity professionals working in each of the 54 countries, as well as each country's digital competitiveness ranking.
“Egypt still struggles with a relatively low number of cybersecurity professionals,” the study read.
“The country also sees limited public engagement in cybersecurity, with an overall 194,000 password related searches.”
As for New Zealand, although the study indicates that it had a much higher digital competitiveness ranking compared to many of the other countries observed, its limited cybersecurity professionals and high number of password related searches “raises questions about its overall preparedness despite its strong digital infrastructure,” the Psono study continued.
Sweden, followed by Singapore and Germany, according to the research, were the most prepared in terms of cybersecurity.
“Despite its smaller population, Singapore has a remarkable number of cybersecurity professionals, indicating a high density of skilled cybersecurity experts,” read the study.
Other countries rounding out the top ten in terms of strong cyber preparedness are Denmark, Czech Republic, Kenya, Malaysia, Greece, Finland and Portugal.
“Countries with a higher density of cybersecurity professionals per capita and strong public engagement with practices like creating secure passwords tend to be better prepared to handle cyber threats,” said Psono spokesperson, also noting that several common sense strategies can still keep users one step ahead of those hope to exploit vulnerabilities.
“It’s important to regularly update your security practices, such as using strong, unique passwords and ensuring that both individuals and businesses alike have access to the right expertise in cybersecurity.”
Morey Haber, a chief security adviser at cybersecurity firm BeyondTrust said the Psono study highlights a critical gap some countries face that could leave them very vulnerable.
“As cyber threats grow increasingly complex, not every country is equipped to tackle them effectively, especially those with insufficient cybersecurity education and minimal financial and workforce support,” he said.
“Respectfully, the contrasting profiles between nations underscores a critical need for global collaboration.”
Mr Haber also said the study also showed the proof of concept that investment in digital infrastructure and jobs and can yield long-term benefits.
“With strong statistics for the number of cybersecurity professionals and interest in personal security, countries like Sweden and Singapore demonstrate how strategic investments in digital literacy and workforce development can help secure a nation from nefarious threat actors.”
According to a 2024 report from the World Economic Forum, issues such as cybersecurity and data vulnerability show no sign of waning, with points for potential cyberattacks are growing at an “unprecedented” rate.
Those potential attacks, according to the WEF report, will likely continue with the number of Internet of Things devices expected to surpass 32 billion by 2030.
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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UAE currency: the story behind the money in your pockets
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
