As copied directly from the Knowledge Base:
SolidWorks Enterprise PDM 2012 CAD Editor
1/13/2012 8:52:27 AM
Question:What can cause a cryptographic failure error when trying to logon to a vault view or the administration in SolidWorks Enterprise PDM?
Answer:A possible cause of the cryptographic error can be due to the Enterprise PDM client being of a higher or older version than the archive server server. The following error should be displayed in the client log. The solution is either to downgrade the client or upgrade the server so both are at the same version and service pack.
Description: Cryptographic failure. (Windows® Sockets error #-2146893819)
Error code: 0x80090005
Error code general description:
I had this same error message after migrating pdm to a new server and the problem we had was in HKey_LOCAL_MACHINE\Software\Solidworks\Applications\PDMWorks Enterprise\ArchiveServer\Vaults\VaultName you should find a string named "Server" and its value should be servername\sqlinstance so if your server name is PDMServer and your sql instance is named PDMSQL then your value would be PDMServer\PDMSQL.
Hope this helps someone because there is very little help for this error online.