Operating system error 5(Access is denied.)

Working with SQL Server databases you can face the following issue:

10/11/2016 10:44:35 AM Creating backup of AdventureWorks
10/11/2016 10:44:35 AM ERROR: Backup of AdventureWorks failed: Cannot open backup device ‘\server1\backups\AdventureWorks20161011.bak’. Operating system error 5(Access is denied.).
BACKUP DATABASE is terminating abnormally.
10/11/2016 10:44:35 AM Removing temporary folder \server1\backups

Please note, this is a permission issue and you can find more information at