The reliability and security of an engineering design is given a rigorous design review of which the probability of failure is a part. First we look at the consequences of failure of the piece of equipment. We assign a failure consequences number. A consequence of minor nuisance gets a small number, many deaths and large financial cost the most. Just large financial costs gets a high number! Then each subsystem gets analysed by a team of independent experts and analysed for failure in a dedicated set of ways, over/ under temperature, load, height (tanks etc) and so on, including any other failure. Then each failure system is analysed for ways of preventing the failure, the corrective action. If it is human intervention the probability is 0.5 of failure.
If the failure is owing to an equipment failure then maintenance, replacement within failure times, and replacement are looked at to mitigate the impact of the failure.
This is a quick, and lacks some details in trying to keep it brief.
When it came to a separation of the moving parts of a gas turbine, we used to say it was contained within the casing until the Qantas A380 engine incident. We don't always get things safer with this system, but it is far safer than no system.