In order to resolve this issue on Apex Central Web Console, the following steps were taken.

1. Stop the ApexCentral Service.
2. Modify web.config file by changing passwordFormat="Hashed" to passwordFormat="Clear"
3. Start the ApexCentral Service.
4. Logon to Apex Central.
5. Try to access the below URL on the browser you try to logon:
   https://<FQDN or IP Address>/TVCSDownload/SSO_PKI_PublicKey.pem
6. If it cannot see the content of the pem file, please make sure the virtual path, TVCSDownload, is existing under Default Web Site of the IIS Application.
7. Run the below command to fetch back IIS related settings:
   %systemroot%\system32\inetsrv\appcmd list Config > c:\webSitesInfo.txt
8. Check for any recent changes/actions performed before the login failed issue started.
9. Make sure everyone has the Read&execute, List folder contents and Read right on below folder.
   C:\Trend Micro\Control Manager\WebUI\download.
10. Restart the DefaultAppPools in IIS Application Pools.