Done some searching and can't really find out much info, only other cPanel users also have this script running on their server. So I thought I'd ask the question here, does this script need to run, is it used by cPanel in any way?
The script you referenced is not part of cPanel. It's likely associated with a third-party network monitoring application installed on your server. For instance, have you installed any applications such as Nagios on your system?