I recently upgraded my Monterey to 12.3.1.
Immediately out of my three external hard drives, one of them can't be recognised any more.
After spending hours with the Apple support team on the phone, there is no quick solution apart from trying my hard drive on other people's Mac.
Lucky I found this forum here after the phone call.
By switching the USB3.0 USB-B to USB-A cable to an old USB2.0 USB-B to USB-A one, the hard drive came back to life.
Even thought the speed is unbearable with USB2.0 (as that is the spare one I have at the moment.) but I am happy for knowing there is nothing wrong with the hard drive and my files are safe. I will now need to rush to get a new USB3.0 USB-B to USB-C cable and hope it can work with the current OS. I also tested my current USB3.0 cable on other PC and there is nothing wrong with it.
I am surprised the Apple support team didn't mention anything about the OS upgrading issue has caused it.