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Of late, component based software design has become a major focus in software engineering research and computing practice. These software components are used in a wide range of applications some of which may have mission critical requirements. In order to achieve required level of reliability, these component-based designs have to incorporate special measures to cope up with software faults. This paper presents a fault tolerant component based data driven architecture that is based on C2 architectural framework and implements data diverse fault tolerance strategies. The proposed design makes a trade-off between platform flexibility, reliability and efficiency at run time and exhibits its ability to tolerate faults in a cost effective manner. Application of proposed design is exhibited with a case study.