In this paper, we address the problem of real-time fault detection in wind turbines. Starting from a data-driven fault detection method, the contribution of this paper is twofold. First, a sensor selection algorithm is proposed with the goal to reduce the computational effort of the fault detection method. Second, an analysis is performed to reduce the data acquisition time needed by the fault detection method, that is, with the goal of reducing the fault detection time. The proposed methods are tested in a benchmark wind turbine where different actuator and sensor failures are simulated. The results demonstrate the performance and effectiveness of the proposed algorithms that dramatically reduce the number of sensors and the fault detection time.