Over 90% of catastrophic failures are the result of abrasive wear that causes the pumps, valves etc to fail. Part of the role oils and hydraulic fluids play is to coat these parts, helping to reduce friction and abrasive wear. Yet these same "protective" oils may be contributing to a catastrophic failure. Over time, the oils themselves are contaminated with particles that can contribute to wear on the machinery.
These particles come from a wide variety of sources, including particles left on new machinery or parts by the factory, dirt and dust from the outside environment, wear and tear on the machinery and parts, and even contamination in the oil itself. Over time particles from all these sources build up in the oil, and eventually can cause temporary or permanent equipment failure.
The balance of when to change the fluid, filters, or other parts to avoid down time and excessive repair costs versus the cost of maintenance and replacement is delicate. A wrong decision can result in unnecessary maintenance, increasing operating costs; on the other hand, delaying maintenance can result in a catastrophic failure, increasing ownership costs.