The safety factor is the extra force one can add above what is needed to arrest a process. Let me demonstrate how I found this link to the definition of safety factor.
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"Don't disturb my circles." translation of Archimedes last words
The choice of a safety factor should take into consideration some probabilistic avlues: dispersion of arrest force, dispersion of arrest device and the failure probability.
The failure probability is given by the area where the arrest load > loading of arrest device. The lower this value the higher the safety factor which in general considers the average values and not always (as it should be also the dispersion).