On a newly installed sql server standard 2008 R2 with reporting services, I received the following error message, when I opened the http:\\<myserver>\Reports site
The report server cannot decrypt the symmetric key that is used to access sensitive or encrypted data in a report server database. You must either restore a backup key or delete all encrypted content. (rsReportServerDisabled)
In the Microsoft connect site I found this problem described.
The answer by VenkatKokulla fixed my problem:
“Do you happen to have a backup of your encryption key? If not, follow these steps:
Open Reporting Services Configuration Manager
Connect to your RS server
Select 'Encryption Keys' from the left pane
Press the 'Delete' button to get rid of your encrypted content
After doing this, you will need to re-set the connection strings and stored credentials on your reports.
Also, I'd be sure to make a backup of the encryption key afterwards.
If you do have a backup, press the 'Restore' button instead of the 'Delete' button.”