Grammatically correct synonym for "level of catastrophicness"

Severity, perhaps?

We have developed a strategy to numerically rate the severity of a potential hardware failure.

Or presumably you are measuring the severity of the effects of the hardware failing.

We have developed a strategy to numerically rate the effects of a potential hardware failure, and how badly such an event could affect the business.

"Catastrophicity" might be closer to being conventional.

I suggest using phrases like level of danger, potential damage, level of havoc, or word havoc ("devastation; mayhem"), as illustrated in following examples.

•We've developed a strategy to numerically rate the level of danger of a potential hardware failure.
• We've developed a strategy to numerically rate the damage potential of foreseeable hardware failures.
• We've developed a strategy to rate the havoc that may be caused by various hardware failures.
• We've developed a strategy to estimate the levels of havoc that will arise when hardware fails.
• We have a procedure that estimates how much devastation will occur when hardware fails.