Remote ILM storage service is active but the HTTP connection is missing

What causes this issue?

?Remote? is activated for the ILM storage service in
cross-archiving-object Customizing (technical settings), even though no
HTTP connection has been entered.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Enter a valid HTTP connection for the ILM storage service or activate
the local ILM storage service instead.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.