"the specified file cannot be decrypted" and error code "0x80071771" when renew certificate

Error "the specified file cannot be decrypted" and error code "0x80071771" when renew certificate for web site. This usually is caused by Machine Key cannot be accessed and so the certificate cannot be decrypted.

To address the issue, check permissions on the Machine key folder: C:\ProgramData\Microsoft\Crypto\RSA\MachineKeys