Hot Standby Router Protocol (HSRP) provides redundancy for local subnets by allowing routers to share a virtual IP address and MAC address. HSRP configures one router as the active router that forwards traffic, while one or more standby routers take over if the active router fails. Routers in an HSRP group elect an active router using priority values and exchange hello messages to monitor each other. If the active router fails to send hellos, a standby router will become active to maintain network connectivity and avoid traffic interruption.