Veeam ONE Reporter error "Failed to RetrieveProperties: Insufficient privileges"

Veeam ONE Reporter shows the following error message during the Object properties collection task:
 

2018-01-08 03:00:10.3791 ERROR 5984 18 EXCEPTION: Permission to perform this operation was denied. 
2018-01-08 03:00:12.9585 ERROR 5984 18 EXCEPTION: Failed to RetrieveProperties: "". Insufficient privileges. You need to have 'System.Read' privilege on 'Folder:group-d1' object.

Veeam ONE Reporter cannot get access to the root node on the vCenter server side to collect the topology.

Make sure that all the required permissions were provided for the root object on the vCenter server side (not only for child entities).

NOTE: If it does not help try to add a new vCenter account and assign required permissions or use vshpere.local\administrator account as possible workarounds and contact Veeam Support.