I suspect that the last update of iTunes, versioned 11.1.4, is probably not the faulty one.
THe symptoms are appearing now but the problem is most probably due to a former version of iTunes. My assumption is that a problematic version was installed and operating properly, in the past, ...but had a faulty uninstall procedure (the Apple Device Support service failing to unregister from the event notification to device drivers before being stopped). And one can not be 100% sure if that faulty procedure was faulty at the origin, ....or if it became faulty under changing conditions later on (e.g. antivirus behaviour, microsoft security updates, ...)
But in any case, a proper testing and communication should have detected by Apple and a remedy should have been found as part pf 11.1.4.