An elevator system comprising: a traveling component (103, 105) movable along a guide rail within an elevator shaft; an elevator machine operably connected to the traveling component (103, 105) by one or more tension members, the elevator machine including a machine brake for stopping movement of the traveling component (103, 105); and an overspeed safety system comprising: a safety brake and an electromechanical actuator operably connected thereto, wherein the safety brake is operable to engage with the guide rail to stop movement of the traveling component (103, 105); a safety system controller (318, 518) operably connected to the electromechanical actuator, the safety system controller (318, 518) configured to trigger the electromechanical actuator due to at least a detected triggering event; and a temporary power supply operably connected to the overspeed safety system, wherein, during a power failure to the overspeed safety system, the temporary power supply supplies power to the overspeed safety system 400) for a safety duration to prevent actuation of the safety brake and the elevator machine stops the traveling component (103, 105) within the elevator shaft, wherein the safety duration is a period of time that is longer than the maximum amount of time for the machine brake to stop the traveling component (103, 105) under normal operational circumstances, and wherein, at the end of the safety duration, the safety system controller (318, 518) is configured to transition the electromechanical actuator from a first state to a second state, wherein in the second state, if the traveling component (103, 105) travels downward, the downward movement of the traveling component (103, 105) within the elevator shaft engages the safety brake with the guide rail to stop the downward movement of the traveling component (103, 105), characterised in that the electromechanical actuator comprises a first magnetic element and a second magnetic element, wherein the first magnetic element is configured to retain the second magnetic element thereto, and when the second magnetic element is not retained by the first magnetic element, the second magnetic element is engageable with the guide rail, and when the second magnetic element is engaged with the guide rail, downward movement of the traveling component (103, 105) causes the safety brake to engage with the guide rail. a traveling component (103, 105) movable along a guide rail within an elevator shaft; an elevator machine operably connected to the traveling component (103, 105) by one or more tension members, the elevator machine including a machine brake for stopping movement of the traveling component (103, 105); and an overspeed safety system comprising: a safety brake and an electromechanical actuator operably connected thereto, wherein the safety brake is operable to engage with the guide rail to stop movement of the traveling component (103, 105); a safety system controller (318, 518) operably connected to the electromechanical actuator, the safety system controller (318, 518) configured to trigger the electromechanical actuator due to at least a detected triggering event; and a temporary power supply operably connected to the overspeed safety system, a safety brake and an electromechanical actuator operably connected thereto, wherein the safety brake is operable to engage with the guide rail to stop movement of the traveling component (103, 105); a safety system controller (318, 518) operably connected to the electromechanical actuator, the safety system controller (318, 518) configured to trigger the electromechanical actuator due to at least a detected triggering event; and a temporary power supply operably connected to the overspeed safety system, wherein, during a power failure to the overspeed safety system, the temporary power supply supplies power to the overspeed safety system 400) for a safety duration to prevent actuation of the safety brake and the elevator machine stops the traveling component (103, 105) within the elevator shaft, wherein the safety duration is a period of time that is longer than the maximum amount of time for the machine brake to stop the traveling component (103, 105) under normal operational circumstances, and wherein, at the end of the safety duration, the safety system controller (318, 518) is configured to transition the electromechanical actuator from a first state to a second state, wherein in the second state, if the traveling component (103, 105) travels downward, the downward movement of the traveling component (103, 105) within the elevator shaft engages the safety brake with the guide rail to stop the downward movement of the traveling component (103, 105), characterised in that the electromechanical actuator comprises a first magnetic element and a second magnetic element, wherein the first magnetic element is configured to retain the second magnetic element thereto, and when the second magnetic element is not retained by the first magnetic element, the second magnetic element is engageable with the guide rail, and when the second magnetic element is engaged with the guide rail, downward movement of the traveling component (103, 105) causes the safety brake to engage with the guide rail.