Laptop: Macbook Pro M1
OS: macOS Ventura 13.1

I regularly work on sensitive data on my laptop and I want everything to be encrypted by default.

The best way to do that I imagine is to encrypt my existing Data volume using the Disk Utility program. However, it's currently using the default APFS (no encryption) and there seem to be no way to convert it to APFS (encrypted).

Is it just not possible, or am I simply missing it? If it's not possible, what are the alternative?

I prefer not to resort to creating an additional encrypted volume while leaving the Data volume unencrypted, as it is less elegant of a solution.