The advent of deep sub-micron technology has exacerbated reliability issues in on-chip interconnects. In particular, single event upsets, such as soft errors, and hard faults are rapidly becoming a force to be reckoned with. This spiraling trend highlights the importance of detailed analysis of these reliability hazards and the incorporation of comprehensive protection measures into all Network-on-Chip (NoC) designs. In this paper, we examine the impact of transient failures on the reliability of on-chip interconnects and develop comprehensive counter-measures to either prevent or recover from them. In this regard, we propose several novel schemes to remedy various kinds of soft error symptoms, while keeping area and power overhead at a minimum. Our proposed solutions are architected to fully exploit the available infrastructures in an NoC and enable versatile reuse of valuable resources. The effectiveness of the proposed techniques has been validated using a cycle-accurate simulator.