Cannot upload file to hosted service.

Hi,
I was trying to take backup of the file and copy it into hosted storage and i get the error below.

Unable to upload file F:\Backup to hosted storage (error 14 -Error while checking client / service compatibility: Unable to connect to the remote server)

I was thinking it might be because of SQL Backup Agent service login details but i don't know how to fix it. Can anyone tell me how to fix the issue?

Thanks
Sri