Report Builder - Connection Failed

Connection Failed. Unable to connect to the specified.

When trying to open and build a new report in 2012 Report Builder 3.0. Error states can't connect or don't have permissions for https://reports/ When connecting to the SSRS reports server via a web service, a TLS security conflict between the MS Report Builder service located on the cloud-based server and the client's computer is created.
This is a Microsoft issue. The underlying issue appears to be the version of report builder we're using only supports an older, less secure connection to the reporting service. When a client tries to connect our servers, the Microsft service refuses the connection because it isn't secure. Until Microsoft releases a hotfix for this, the file below needs to be executed on a client computer to enable a secure connection to the reporting service.
The reason for this is that Reports Builder is built with a version of the .NET framework that didn't originally support TLS 1.2. Updates to the .NET framework have enabled TLS 1.2 but unless programmatically told to, an application won't use it. We obviously can't change the code that Reports Builder uses. That's a Microsoft product that we can't affect but there is a solution. Making a change to your computer registry will force the application to use TLS 1.2
You may have to download a zip file containing registry entries to correct the issue. If so, please contact 

Note: Making changes to your registry.

Modify the registry at your own risk.

Microsoft warning message

Changes made to the Windows registry happen immediately, no backup is created automatically. Do not edit the Windows registry unless you are confident about doing so. Microsoft has issued the following warning with respect to the Registry Editor:
"Using Registry Editor incorrectly can cause serious, system-wide problems that may require you to re-install Windows to correct them. Microsoft cannot guarantee that any problems resulting from the use of Registry Editor can be solved. Use this tool at your own risk."
See Clements Code web developers blog for more information