Windows Cannot Access The Specified Device, Path Or File

I upgraded to Daemon Tools Lite 4.47.1 and I now get the error:

"Windows cannot access the specified device, path, or file. You may not have the appropriate permissions to access the item"

I tried uninstalling and reinstalling DT but this did not resolve the issue.

I am running Windows 7 64-bit. Anyone know how to resolve this issue?

Thanks in advance.

LA.