Okay, well first off I run a webhosting company with a friend. Our uptimes have not been great until we moved to a dedicated server running CentOS recently. Unfortunately, shortly after the server got set up, all the accounts got transferred, and everything appeared to be working smoothly, our site was hacked by a random person. We cannot afford to have another week of downtime (the hacker deleted all accounts, we had to get our hosting company to reset the server), as we have already lost many customers from this. :\
I'm trying to take steps to completely secure the server, and this is what i've done so far:
-open_basedir restriction enabled
-updated all system software
-changed root password, thinking about disabling root completely?
I have access to root shell, so if you know anything I can do please tell.

I believe the site was hacked using an exploit, as I am not keylogged and I doubt anyone bruteforced us as I would have noticed the traffic. Is there anything else I can do to secure the server?
Again, it's running CentOS 4.
Thanks,
Ben