you could try saving it for some multi-hot swappable hard drive NAS. i have the same error coming up, but I would agree with the above forumer's, that it has probably to do with power fluctuations or the case that the connection is in.
they say pop it in the freezer and get whatever data you have off, while it pops up, if you keep trying it over and over. if you don't have data on it, try reformatting it. but it might error again at some point till you fix the original issue as you can surmise.
and then don't use it again until you can be confident. but try and get your data off. I have almost all of mine off and still am waiting. but they were failing in other cases thanks so much western digital, who has destroyed my backup dreams.