In my case, I followed most of bill_s suggestions. I went as far as uninstalling and reinstalling the software. But, the funny thing is that only part of the software shows up on my screen: the WD Backup button and the WD Diagnostics Tool button both!
Tried to run the latter as a last resort but, you guessed it! My external hard drive no longer shows up in My Computer and data can no longer be accessed. It looks like only half the software was installed!