What are the best practices for securely storing and managing passwords in a PHP application?

Storing and managing passwords securely in a PHP application is crucial to protect user data from unauthorized access. One of the best practices is to use a strong hashing algorithm like bcrypt to securely store passwords in the database. Additionally, it is recommended to use unique salts for each password to further enhance security.

// Hashing and storing a password securely using bcrypt
$password = "mySecurePassword";
$options = ['cost' => 12]; // recommended cost factor for bcrypt
$hashedPassword = password_hash($password, PASSWORD_BCRYPT, $options);

// Verifying a password
$enteredPassword = "mySecurePassword";
if (password_verify($enteredPassword, $hashedPassword)) {
    echo "Password is correct!";
} else {
    echo "Password is incorrect!";
}