There's always a risk to your data - turning it on and off puts your data at risk - but apart from that, a reset to default does not normally jeopardize your data.
However, if it shipped with 1.08, then a reset to default should not be required - there's no harm in trying it - I asked that becaused I assumed you had upgraded from a previous version, and off dtuff can happen if a reset is not done after the flash upgrade.