I have error 3014, unable to restore. Cannot turn on my phone, cannot be updated or restored

Tried updating my Iphone today. But the system sent me an error message. Error 3014, cannot finish update, cannot restore, cannot use my phone.

It is just driving me nuts, no idea how to get it back on track. I updated OS on my MacBook and updated Itunes, went through all troubleshooting steps offered on Apple website, but phone is still not working and the same error message comes up every time I want to restore it.

PLEASE HELP!