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If you are looking for security and it being your prime concern, you cannot settle with anything less that a dedicated hosting server. Why I say this is because, the server would only be dedicated to your client, though I do understand that he might not need those resources and might have to pay a lot for the dedicated server, but security comes at a price.
If you consider other solutions, the hardware is shared between certain number of users and no matter how secure a particular solution is, there always is a chance for the unexpected.
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