MySQL Error MY-011408 – ER_KEYRING_ENCRYPTED_FILE_INVALID_KEYRING_DIR

MySQL Error Message

keyring_encrypted_file_data cannot be set to new value as
the keyring file cannot be created/accessed in the provided path

Reason for the Error

ER_KEYRING_ENCRYPTED_FILE_INVALID_KEYRING_DIR
was added in 8.0.11.