Answer
Before contacting our support team, please follow the below mentioned steps for troubleshooting the connection between your Lyra development board and PC.
Hardware: Inspect the Lyra development board visually for any mechanical or physical damage. Try a different USB port on your PC and use the supplied micro USB cable. Also, verify that the SEGGER J-Link LED (in the bottom-right corner) is active when powered. If you own another DVK or got a spare board somewhere, then please connect it for validation and cross-checks to see if it works or not with the same setup.
Software: In Simplicity Studio 5, go to "Help" -> "Update Software" and apply all available updates if prompted. Check that both Simplicity Studio 5 installation and Silicon Labs Gecko SDK (GSDK) are up to date. Also, try to start Simplicity Studio 5 as an Administrator for testing reasons only. Make sure that your local firewall or antivirus program is not blocking any traffic / access. Install the latest version of the J-Link Software and Documentation Pack manually.