Unable to use the default outgoing certificate. Error %1 (%2). Cause: The certificate may have been deleted or may be invalid, ...

Unable to use the default outgoing certificate.

Error %1 (%2).
Cause: The certificate may have been deleted or may be invalid, or permissions are not set correctly.
Resolution:
Ensure that a valid certificate is present in the local computer certificate store. Also ensure that the server has sufficient privileges to access the store.