Following the recent iTunes upgrade I am getting two error messages (-42404) and (-50).  Any ideas how to rectify?

Using iTunes for the first time since the upgrade I am plagued with error messages - one telling me that a required component is not installed (-42404) and a second that my iTunes store request cannot be completed (-50).  I've reset my old iPod as the message tells me but am reluctant to do that on my iPhone and risk loosing content.  I've uninstalled and reinstalled iTunes but it's made no difference.  Any ideas how to fix please?

Disable your firewall/security software.

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