MyBook abruptly stopped working doing backups

White light has been blinking for a month, backups via time machine just stopped three days ago, today my computer won’t even recognize it. Opened Disk Utility and ran Repair Disk, got error message- “Disk Utility stopped repairing “My Book”… Disk Utility can’t repair this disk. Back up as many of your files as possible, reformat the disk, and restore your backed-up files.
File system check exit code is 8.”

What are my next steps? Have I lost all the data on there? it’s just Time Machine backups.

Disk Utility is recommending for your to copy the files in your unit to a different location, and then to erase your hard drive. It appears to be a case of data corruption and/or bad sectors.