System Protection Schemes (SPS) have the potential to greatly enhance the utilization of the network, often by automatically disconnecting generators in response to contingency events. However, malfunctions of such systems may expose the system to harmful blackouts. The operation of unreliable SPS is therefore subject to a cost-benefit balance between the benefits of increased system utilization and the risk of outages. This paper studies this trade-off in a year-round basis. The problem is firstly stated from a centralized perspective to probabilistically minimize the operational costs for a whole operating year. A case study based on a basic simple representation of the Great Britain system is considered. The results show great annual benefits from equipping the SPS with multiple generation disconnection systems, which are mainly associated with critical operating conditions. However, it is demonstrated that redundant SPS configurations do not necessarily reduce the levels of operational risk exposure.