"The connection to the instance failed. Timeout occurred" error in database agent log file (4301729)

What causes this alert?

Fatal alarm for MSSQL instance on host SERVERNAME was generated: The connection to the instance failed. Timeout occurred: 60[seconds] - Profile:MSSQLProfile{host='SERVERNAME', instance='DEFAULT_INSTANCE', username='DOMAIN\USER'

1. Navigate to Administration | Agents | Agent Status
2. Highlight the database agent and click edit properties
3. Increase the value for DB Connection Timeout (in milliseconds) within the Monitored Connection Profile from the default of 60000ms to 180000ms then save the changes.