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How Safe is Parachuting?

My two sons have acquired a new hobby, skydiving. I’m a little worried for their safety. Are there any government agencies that regulate and oversee this sport? How are the safety guidelines set? What are the statistics in terms of fatalities and injuries in parachuting. If something unfortunate happens, who do I go to?What do I do if my sons get into an accident? Who will be held responsible for any liabilities? Are the equipment safe? Where can you get parachuting equipment that are guaranteed to be safe? I know i have a lot of questions but I am a little worried for the safety of my kids.