What are some best practices for securely storing sensitive data in a PHP application?

Storing sensitive data securely in a PHP application is crucial to prevent unauthorized access and data breaches. One best practice is to use secure encryption methods to protect the data before storing it in a database or file. Additionally, it's important to store sensitive data in a location with restricted access and implement proper authentication and authorization mechanisms to control who can access the data.

// Example of securely storing sensitive data using encryption in PHP

// Encrypt the sensitive data before storing it
$encryptionKey = "secretEncryptionKey";
$sensitiveData = "sensitive information";
$encryptedData = openssl_encrypt($sensitiveData, 'AES-256-CBC', $encryptionKey, 0, '16charIV');

// Store the encrypted data in a database or file
// For example, storing in a database using PDO
$db = new PDO("mysql:host=localhost;dbname=myDB", "username", "password");
$stmt = $db->prepare("INSERT INTO sensitive_data (encrypted_data) VALUES (:encryptedData)");
$stmt->bindParam(':encryptedData', $encryptedData);
$stmt->execute();