A properly maintained cable will last quite a will and should not give you too much trouble. Winch cable is made from aircraft grade cable and has a breaking strain of 32,000 pounds.
It is far more common for for snatch blocks and anchor points to break if they are poorly rigged up. It would be wise to cover the cable with a heavy cloth, blanket or jacket to limit the whiplash damage if something snaps. If you ever need to steer the vehicle being winched it is a good idea to raise the hood for extra protection.