UPDATE:
It is now working for me. Here is what I did:
I went to Control Panel → Uninstall A Program → then I uninstalled the two (no idea why there were two) WD SmartWare programs shown. I restarted my computer. Then I went straight to the update website, bypassing the WD SmartWare that is loaded on the hard drive. I downloaded & installed the update, then restarted again.
Now everything works perfectly and I have version 1.5.4.5 installed correctly and the backup appears to be available to run. Fingers crossed and good luck.
