The Security Context option failed because it could not logon using the account information specified. The account assigned ...

The Security Context option failed because it could not logon using the account information specified.
The account assigned the service does not hold all the required privileges.
To assign the proper privileges, contact your network administrator or go to User Manager | Policies | User Rights, check 'Show Advanced User Rights' and assign the following privileges: 
'Act As a Part of the Operating System', 
'Bypass Traverse Checking',
'Increase Quota' and
'Replace a Process Level Token'.