We are heavy users of your platform an rely on the site24x7-StatusIQ integration to update our public facing status page. Our app will occasionally have a 1-2 minute service blip and when that happens, StatusIQ is updated to "Major Outage"" and hundreds or thousands of emails go out to customers. It looks REALLY bad and at this point our leadership requires a fix which could mean having to move away from site24x7 unfortunately. We would like to delay the status page update for these occasional service blips. In other words, the monitor must fail n-number of times before the status is updated.

This can be implemented in several places...

Site24x7 - Under "Threshold and Availability" policy there's currently a downtime rule called "Number of locations to report monitor as down".  An additional option here labeled "Number of attempts to report monitor as down" would work.
Site24x7 - Similar to the "Notification Profile", have another profile called "Status Page Profile" where the downtime can be delayed similar to the way the Notification Profile works.
StatusIQ - In the component properties, an option labeled "Number of status check failures required before marking component as down"

Based on what I know about the site24x7-StatusIQ integration, it seems one of the first two options would be easiest to implement but however you can do it is fine with me.