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Whats the best way to secure my WordPress blog?

I have a self hosted wordpress blog that I have spent countless hours working on. The other day a friend of mines wordpress site got hacked and he lost everything. I want to make sure my blog is secure ASAP. I am curious what do you guys think are the most important things to do, and are there any plugins that cant assist with this? Any help would be great, thanks!
Answer:

There are a couple things that are important when it comes to wp security. The main thing is keeping wordpress itself and all plugins and themes up to date. This is huge!! Another thing is your host. They do have a great plugin available that scans and makes sure your website is safe at all times. I hgave supplied the source for you, best of luck on your ventures!

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