The IEC 61511 standard recommends the use of a functional safety lifecycle. Any safety lifecycle can be used, but the standard lays out a process which can be divided into three main classifications as an example. 

The lifecycle is set up like this: 

1. Analyze the situation and document the safety requirements (Analysis Phases). 
2. Translate these requirements into a documented safety system design, using appropriate software and hardware subsystems and design methodology (Realization Phases). 
3. Evaluate the system against the required integrity and reliability specifications and modify it as needed. 
4. Operate and maintain the system according to accepted procedures (Operation Phases), and document the results to insure that performance standards are maintained throughout the system’s life.

The 2016 edition to the standard addresses cybersecurity in the lifecycle and how it is becoming more and more of a concern.