Watchdog timers are common techniques with processors to detect the processor malfunctioning or locking up in some unknown way. It is basically a very simple, low-level check to see if the processor needs to reboot/reset.
The way that I have programmed them is that the software periodically (say once a millisecond) sends a signal to the watchdog telling the watchdog that everything is okay. If the software or hardware has a problem and does not send the "everything is okay" signal then I program the watchdog to reboot the CPU.
It is the equivalent of a parent asking their child to call/text once an hour while out on the town. If the call/text does not come through then the parent knows to do something.
Of course the parent doesn't know what is wrong with the child. The watchdog also doesn't know what is wrong with the CPU and/or software. So, we don't know exactly the cause of your problem. But, I agree with the others--bump up the voltage.