diff --git a/api/caching/tasks.py b/api/caching/tasks.py
index 9a3a0264cc2..2ed1cefd4bd 100644
--- a/api/caching/tasks.py
+++ b/api/caching/tasks.py
@@ -1,6 +1,7 @@
 import logging
 from urllib.parse import urlparse
 
+from billiard.exceptions import SoftTimeLimitExceeded
 from django.apps import apps
 from django.db import connection
 from django.db.models import Sum
@@ -113,14 +114,23 @@ def ban_url(instance):
                     )
 
 
-@app.task(max_retries=5, default_retry_delay=10)
+@app.task(
+    max_retries=5,
+    default_retry_delay=10,
+    soft_time_limit=270,
+    time_limit=300,
+)
 def update_storage_usage_cache(target_id, target_guid, per_page=_DEFAULT_FILEVERSION_PAGE_SIZE):
     if not settings.ENABLE_STORAGE_USAGE_CACHE:
         return
     from osf.models import Guid
-    storage_usage_total = compute_storage_usage_total(Guid.load(target_guid).referent, per_page=per_page)
-    key = cache_settings.STORAGE_USAGE_KEY.format(target_id=target_guid)
-    storage_usage_cache.set(key, storage_usage_total, settings.STORAGE_USAGE_CACHE_TIMEOUT)
+    try:
+        storage_usage_total = compute_storage_usage_total(Guid.load(target_guid).referent, per_page=per_page)
+        key = cache_settings.STORAGE_USAGE_KEY.format(target_id=target_guid)
+        storage_usage_cache.set(key, storage_usage_total, settings.STORAGE_USAGE_CACHE_TIMEOUT)
+    except SoftTimeLimitExceeded:
+        logger.exception('Storage usage cache update timed out for target %s', target_guid)
+        raise
 
 
 def compute_storage_usage_total(target_obj, per_page=_DEFAULT_FILEVERSION_PAGE_SIZE):
diff --git a/api/caching/test_tasks.py b/api/caching/test_tasks.py
new file mode 100644
index 00000000000..3c55d22903a
--- /dev/null
+++ b/api/caching/test_tasks.py
@@ -0,0 +1,51 @@
+import ast
+from pathlib import Path
+
+
+def _storage_usage_task():
+    module = ast.parse(Path(__file__).with_name('tasks.py').read_text())
+    return module, next(
+        node
+        for node in module.body
+        if isinstance(node, ast.FunctionDef) and node.name == 'update_storage_usage_cache'
+    )
+
+
+def test_update_storage_usage_cache_has_time_limits():
+    _, task = _storage_usage_task()
+    decorator = next(
+        node
+        for node in task.decorator_list
+        if isinstance(node, ast.Call) and isinstance(node.func, ast.Attribute) and node.func.attr == 'task'
+    )
+    options = {keyword.arg: ast.literal_eval(keyword.value) for keyword in decorator.keywords}
+
+    assert options['soft_time_limit'] == 270
+    assert options['time_limit'] == 300
+
+
+def test_update_storage_usage_cache_logs_guid_and_reraises_soft_timeout():
+    module, task = _storage_usage_task()
+    assert any(
+        isinstance(node, ast.ImportFrom)
+        and node.module == 'billiard.exceptions'
+        and any(alias.name == 'SoftTimeLimitExceeded' for alias in node.names)
+        for node in module.body
+    )
+    handler = next(
+        node
+        for node in ast.walk(task)
+        if isinstance(node, ast.ExceptHandler)
+        and isinstance(node.type, ast.Name)
+        and node.type.id == 'SoftTimeLimitExceeded'
+    )
+    log_call = next(
+        node
+        for node in ast.walk(handler)
+        if isinstance(node, ast.Call)
+        and isinstance(node.func, ast.Attribute)
+        and node.func.attr == 'exception'
+    )
+
+    assert any(isinstance(arg, ast.Name) and arg.id == 'target_guid' for arg in log_call.args)
+    assert any(isinstance(node, ast.Raise) for node in handler.body)