SQL Server 2008R2 Reporting Services Failed to start after GDR security patch KB 2716440

After Applying the last Tuesday Microsoft (October 2012) patches/Updates, SQL reporting services wasn't able to start on several servers and the below error is displayed when you try to start the service

One of the Updates released on that date is the KB 2716440 http://support.microsoft.com/kb/2716440  which resolves a vulnerability in the SQL server. To make sure that this update specifically caused this behavior. I uninstalled this update and after that I was able to start the SRSS (Reporting services) without any problem.

This issue could occur by a missing registry key and a common solution to such problem is to add this key as follows:

1. Open Regedit on the Problematic Server
2. Navigate to the HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control
3. In the Right Pane create the following Key (If not already created)
1. Value: DWORD (32-bit)
2. Name: ServicesPipeTimeout
3. Value Data, Click Decimal and type 60000 (Not less than 60000)
4. Reboot the server

After reboot the SQL Server Reporting services was started normally without any problem.