Error when adding the Office 365 Credentials to the Directory Migration Agent: Connecting to remote server ps.outlook.com failed with the following error message: The WinRM client cannot process the request (4273974)

When creating the connection to Office 365, the credentials fail with the following error:

Connection to Microsoft Office 365 cannot be established using the specified settings. Error: [ps.outlook.com] Connecting to remote server ps.outlook.com failed with the following error message : The WinRM client cannot process the request. Basic authentication is currently disabled in the client configuration. Change the client configuration and try the request again. For more information, see the about_Remote_Troubleshooting Help topic.