I have not updated anything in the system as mentioned by Imosla.
However, I was successful in backing up a folder of size 2GB and 23GB. However i get these messages in application log
5108] 05/06/14 16:25:45 Adamm Mover Error: DeviceIo: 03:00:04:00 - Device error 1117 on "\\.\Tape0", SCSI cmd 08, 11 total errors
%2
%3
%4
%5
%6
%7
%8
[6124] 05/06/14 16:24:35 Adamm Mover Error: DeviceIo: 00:00:04:00 - Retry Logic: Original settings restored on device: HP Ultrium 3-SCSI
%2
%3
%4
%5
%6
%7
%8
[6124] 05/06/14 16:24:35 Adamm Mover Error: DeviceIo: 03:00:04:00 - Refresh handle on "\\.\Tape0", SCSI cmd 00, new handle 6c0, error 0
%2
%3
%4
%5
%6
%7
%8
[6124] 05/06/14 16:24:35 Adamm Mover Error: DeviceIo: 00:00:04:00 - Retry Logic: Retry logic was engaged on device: HP Ultrium 3-SCSI
%2
%3
%4
%5
%6
%7
%8
[6124] 05/06/14 16:19:35 Adamm Mover Error: DeviceIo: 03:00:04:00 - Device error 1117 on "\\.\Tape0", SCSI cmd 0a, 10 total errors
%2
%3
%4
%5
%6
%7
%8
and the following errors in system log
The driver detected a controller error on \Device\RaidPort1.