When trying to open the .iqy file by entering the email address of the owner of the web query in Excel the following error message is encountered: "Invalid login. IP Address does not match any of the IP Address rules specified for this entity."
This happens when the IP Address Rules feature is enabled in Setup > Company> Enable Features and the IP Address of the user trying to access the .iqy is not one of the allowed IP addresses in Setup> Company> Company Information. Read more on this on the Help Guide following this link:
To be able to successfully open the .iqy file, add your IP Address to the allowed IP addresses.