Smart grids, where cyber infrastructure is used to make power distribution more dependable and efficient, are prime examples of modern infrastructure systems. The cyber infrastructure provides monitoring and decision support intended to increase the dependability and efficiency of the system. This comes at the cost of vulnerability to accidental failures and malicious attacks, due to the greater extent of virtual and physical interconnection. Any failure can propagate more quickly and extensively, and as such, the net result could be lowered reliability. In this paper, we describe metrics for assessment of two phases of smart grid operation: the duration before a failure occurs, and the recovery phase after an inevitable failure. The former is characterized by reliability, which we determine based on information about cascading failures. The latter is quantified using resilience, which can in turn facilitate comparison of recovery strategies. We illustrate the application of these metrics to a smart grid based on the IEEE 9-bus test system.