On a Cisco Nexus switch, the syntax for HSRP is actually "HSRP" instead of "Standby".
In my experience, it makes it easier to troubleshoot as you know immediately which redundancy protocol you're dealing with (HSRP, GLBP, or VRRP).
See this Cisco doc for more information on HSRP on the Nexus 7000 platform.
First, be sure that you have enabled HSRP on the device:
switch-b(config)#feature hsrp
Then go into the interface and issue the command "hsrp groupnumber". You will then be able to enter your configuration similarly to in IOS. This actually takes you into a sub-configuration mode as shown below:
switch-b(config)#interface Eth1/1
switch-b(config-if)#ip address 10.1.1.3/24
switch-b(config-if)#hsrp 10
switch-b(config-if-hsrp)#preempt
switch-b(config-if-hsrp)#priority 90
switch-b(config-if-hsrp)#ip 10.1.1.1
Don't forget to "no shut" the interface, but then that should do it!
Also, I just realized that Cisco has a great writeup on these differences here on their DocWiki.
Best Answer
They have a pretty simple writeup over at Networklessons, but in-depth information on how it works are on Cisco's site. It can be as complicated and secure as you want it. Your 2 questions are one and the same.
A barebones config would be like this:
Create a group
Attach a user to a group
If you aren't looking to restrict access to specific MIBs, then this is all you really need.