I had problems registering some WP devices as developer devices. I have never had this particular error, but maybe it will work.
When the device is connected to the computer, on the taskbar, click the icon that shows that the device is connected (the one where you can "safely remove" the device) and right-click it and select show devices and printers. When it opens, you will see all the Windows phone devices that you have connected to the computer. Unplug your device and remove it and its drivers by selecting the appropriate option after right-clicking on it.
Plug it in again, now it should install the drivers again.
And just in case, if you have the correct date / time on the device, just confirm that they also correspond to the region / location installed on the device. for example, suppose you set the time for Standard Time in India (IST), but the device area is set on the same scale as in the USA or elsewhere.
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