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We recently migrated a few WordPress websites to a shared environment. One easy thing you can do to help secure sites in shared environments is to properly use PHP’s open_basedir. PHP’s open_basedir limits the files that PHP can access outside of the specified directory. You can use open_basedir in the Apache configuration file, php.ini or .htaccess. We used the below code in the Apache configuration file.
php_admin_value open_basedir /path/to/your/sitename
The php_admin_value is used to set the value of the directive. When you use the php_admin_value as opposed to php_value, you cannot override the value in .htaccess or ini_set(). There is also php_flag and php_admin_flag that are used to set boolean configuration directives. You can read more about them below.
Source and more information:
http://www.php.net/manual/en/configuration.changes.php
http://www.php.net/manual/en/ini.core.php#ini.open-basedir