I had also faced above error and after researching on it found fix on above error related to iphone. Please follow below procedure.
You need to go to your finder and then you can use the menu item Go > Go to Folder after that you need to copy a below text and paste it into your dialog box and then you need to press enter:
Then just unlock the device and after that try to connect it to your USB. Now you can double click on the MobileDeviceUpdater in a folder which has opened. It must notify you about the software update. After it install the update and now your iTunes will recognize your device.