Network virtualization provides more flexibility in network provisioning as it offers physical infrastructure providers (PIP) the possibility of smoothly rolling out many separate networks on top of an existing infrastructure. A major challenge is the embedding problem of mapping virtual networks (VNs) onto PIP infrastructure. In the literature, a good deal of research has focused on providing heuristic approaches to this NP-hard problem, usually with the assumption that the PIP infrastructure is operational at all times. In virtualization environment, a single physical node/link failure can result in one or more logical link failures as it effects all VNs with a mapping that spans over. Setting up a dedicated backup for each VN embedding that is not shared with others is an inefficient use of resources. To address these concerns, this paper proposes two classes of periodic VN protection against link and node failures: (a) in the physical layer, by using a path or segment p-cycle technique and a column generation optimization model, and (b) in the VN layer, by augmenting the topology with redundant resources and subsequently applying a column generation mapping model. Our simulations show a clear advantage of our approaches over benchmarks in terms of PIP profit, backup cost/rate and resource use.