Even the most thorough fail-safes fail...and to believe otherwise is asking for trouble.
Based on what I've been reading on sumps and sump design lately, in a properly design HOB filter, the bigger worry isn't in the siphon breaking but in it getting clogged or the drain into the sump getting blocked (A fish gets in the wrong place at the wrong time...a large piece of vegetation...etc). Besides the "egg-crate" method to help prevent this, it is also recommended to have two paths for the water to flow to the sump in case one DOES get blocked. The main tank -will- flood if water is somehow prevented from getting to the sump while the power is on...that's a risk you take when setting up these things.
When the power is off, as long as you have enough space for all the water in the pipes to drain back down into the sump without the sump overflowing, you should be fine. You must also worry about any water the outlet from the sump siphons back down into the sump, but this can usually be prevented with a check valve and/or a few siphon-break holes. Again, there's always a risk, but the risk is minimal when proper planning is done.
Remember, there's always a chance that the glass/acrylic will one day give out on the tank. We trust that it won't because it doesn't happen often and strong enough bonds/materials are used to help prevent it...but the risk is always there. When you have large amounts of water in a small area, you're always risking a flood.