Missing or unsuitable migration key for entry &1

What causes this issue?

SAP's approval is required to migrate secure storage entries. This is
automatically provided in the form of a migration key, if a migration is
necessary due to the importing of a new license.
You have not entered a migration key for the requested operation, or
have entered an incorrect key.

System Response

The migration is not performed.

How to fix this error?

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

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.