A novel integrated modified sulfur cycle and ammonia production process was suggested for the co-generation of sulfuric acid. Exergy analysis, heat integration, and safety assessment were conducted to investigate the feasibility and analyze the process. The exergy analysis showed that the highest exergy destruction occurred in the section with the most considerable temperature difference involved with a large flow rate. The heat integration - an economic assessment, confirmed that the total cost was estimated to be reduced by 10.9% at the minimum temperature difference of 39 °C. The failure rate contribution to the overall system was 19%, 11%, 22%, and 47% from the Bunsen section, H2SO4 concentration section, HI decomposition section, ammonia production section explosion, fire, and structural damage contributed 82%, 16%, and 2% to the overall system in terms of accident scenario. The accident cost contributed 84% and 16% of accident injury costs to the overall system, respectively. For the sectional based contribution, section 1 (Bunsen process), SA concentration, section 3, and ammonia production process contributed 45%, 29%, 19%, and 6% to the accident injury cost in the overall system, respectively. As a result of individual section failure to the whole section, failure in Bunsen process and HI decomposition led to failure in production of all the products. Failure in NH3 production section led to production in concentrated H2SO4 and H2. The failure in H2SO4 section leads to production in NH3 and diluted H2SO4 concentration. The failure in H2SO4 concentration, NH3 production, and Bunsen process and HI decomposition contributed to the higher failure rate in ascending order.