Hi there Maharsein,
It will not hurt to start with just changing the USB cable and attaching the drive to another system.
If the issue persists, I guess you can try what fzabkar suggested. Though, keep in mind that this will void the warranty(if still under any). Also, WD My Book is hardware encrypted. This means that you most probably will not be able to access your data if you connect the drive internally.
If the drive is still under warranty(and you don't need the data stored on it), I would advise you to contact WD's Support either by phone or e-mail and eventually RMA it:
http://products.wdc.com/support/kb.ashx?id=Ra3uhV
Also, if changing the cable and trying the drive on another system don't sort the issue out, your safest bet...