Most likely, Time Machine decided that backup disk is no longer reliable. TM "locks" the last backup ensuring it remains intact.
Replace the drive. Then, at your option, either keep that older one on the shelf until you decide its backups are no longer required — or — erase and reformat it and continue to use it as a second, redundant TM backup disk. Often, hard disk drives will continue to work for months or years, but it will eventually fail again (as everything will). When those failures become intolerably frequent just throw it out.
- If you select the box to encrypt backups, they are utterly useless to anyone without the encryption password. Conversely, if you do not choose to encrypt backups, anyone can use that backup disk to effectively create an exact duplicate of the Mac it backed up. Keep that fact in mind when choosing to encrypt or not, because everything fails eventually... even backup disks.