Our ASA's outside interface is connected directly to our ISPs cable modem and has a static IP assignment. Unfortunately, our building is located in an area where the reliability of the ISP isn't high, so losing our connection to the Internet on a semi-regular basis is common (a few times a year, actually). When this event occurs, all internal network devices are unable to access the Internet. It's only after a power cycle on the ASA that the connection is restored. We've isolated it to the ASA and not the cable modem by process of elimination, not hard log-based evidence (which I currently don't have). I don't believe this symptom occurred with our old SonicWall.
Is this a common experience? Furthermore, is there anything I can do configuration wise to the device to help it automatically recover in these cases?
No ambiguity, you mentioned that after a power cycle of the ASA connectivity is restored.
Therefore when you have the issue, the first thing that should be checked is the ARP cache on the firewall (and the cable modem).
As mentioned I would also question what code you are running?
As you mentioned after rebooting the ASA service restores. when you loose internet, have you tried pining from ASA it self to outside or WAN interface (that is ISP side IP address?)
what is the ASA Model and ASA code running.