Your company has recently ventured into cloud computing and aims to host a static HTML5 website on the cloud, accessible through the domain www.mycompany.com. To achieve this, you have taken the following steps: created a bucket in Amazon Simple Storage Service (S3), enabled website hosting on the bucket, and set index.html as the default page. Additionally, you have created an Alias record in Amazon Route 53 that points to the S3 website endpoint of your S3 bucket.

However, upon testing the domain www.mycompany.com, you encounter an error message: 'HTTP response code 403 (Access Denied)'. What steps should you take to resolve this error?