3505440 - Error during ping operation Error while silently connecting: org.w3c.www.protocol.http.HttpException: Connection reset

Unable to connect to external server and Ping test fails with the below error:

If you capture SSL trace (as per KBA 2673775 Use /tshw to collect IAIK debug trace for outgoing calls in AS Java) while reproducing the issue, you see something like this in the resulted trace files:

[...] 
Error during ping operation: Error while silently connecting: org.w3c.www.protocol.http.HttpException: Connection reset
[EXCEPTION]
com.sap.security.wd.destinations.exception.DestinationUIException: com.sap.tc.lm.itsam.ui.proxy.exception.JMXJMRuntimeOperationException: com.sap.security.core.server.destinations.itsam.DestinationRuntimeException: com.sap.security.core.server.destinations.api.DestinationException: [com.sap.ASJ.dest.if0156] Error during ping operation: Error while silently connecting: org.w3c.www.protocol.http.HttpException: Connection reset
    
Caused by: javax.management.RuntimeMBeanException: com.sap.security.core.server.destinations.itsam.DestinationRuntimeException: com.sap.security.core.server.destinations.api.DestinationException: [com.sap.ASJ.dest.if0156] Error during ping operation: Error while silently connecting: org.w3c.www.protocol.http.HttpException: Connection reset
    at com.sun.jmx.interceptor.DefaultMBeanServerInterceptor.rethrow(DefaultMBeanServerInterceptor.java:839)
   
Caused by: com.sap.security.core.server.destinations.itsam.DestinationRuntimeException: com.sap.security.core.server.destinations.api.DestinationException: [com.sap.ASJ.dest.if0156] Error during ping operation: Error while silently connecting: org.w3c.www.protocol.http.HttpException: Connection reset
    at com.sap.security.core.server.destinations.itsam.SAP_ITSAMDestinationManagementService_Impl.ping(SAP_ITSAMDestinationManagementService_Impl.java:298)
    at com.sap.security.core.server.destinations.itsam.SAP_ITSAMDestinationManagementServiceWrapper.invoke(SAP_ITSAMDestinationManagementServiceWrapper.java:363)
    
Caused by: com.sap.security.core.server.destinations.api.DestinationException: [com.sap.ASJ.dest.if0156] Error during ping operation: Error while silently connecting: org.w3c.www.protocol.http.HttpException: Connection reset
    at com.sap.security.core.server.destinations.service.HTTPCIMDestinationProviderFactory.ping(HTTPCIMDestinationProviderFactory.java:160)
    
Caused by: java.lang.RuntimeException: Error while silently connecting: org.w3c.www.protocol.http.HttpException: Connection reset
    at org.w3c.www.protocol.http.HttpURLConnection.error(SourceFile:198)
[...] 

In XPI traces:

[...] 
Exception Occurred: Connection reset
[...] 

Begin IAIK Debug:
ssl_debug(299654): Starting handshake (iSaSiLk 5.2)...
ssl_debug(299654): Sending v3 client_hello message to (XYZ), requesting version 3.3...
ssl_debug(299654): Sending extensions: renegotiation_info (65281), signature_algorithms (13)
ssl_debug(299654): IOException while handshaking: Connection reset
ssl_debug(299654): Sending alert: Alert Fatal: handshake failure
ssl_debug(299654): Exception sending message: java.net.SocketException: error 32 - Broken pipe (Write failed) (local port (XYZ) to address (XYZ (---), remote host unknown)
ssl_debug(299654): Shutting down SSL layer...
ssl_debug(299654): Closing transport...

End IAIK Debug.
[...] 

• SAP NetWeaver Application Server Java
• SAP NetWeaver 7.50 

Connection reset, Error while silently connecting, Ping, org.w3c. www.protocol.http.HttpException, Destination, IOException while handshaking: Connection reset. , KBA , BC-JAS-SEC-CPG , Cryptography , BC-NET , Obsolete - Formerly used for network tests , BC-JAS-SEC-DST , Destination Service , Problem