The error is because you have not logged in using the administrator account or you do not have the administrator privileges.
Refer to this link from Microsoft: Error Message: | Microsoft Docs
In order to bind the device to the cyusb3 driver, you can copy the entire driver folder to a common place, like the documents folder and then manually bind the device to the driver.
Another easier method to install the driver is to use a driver installer:
Please download the Driver_package.rar file attached to this response and extract in the documents folder and run the dpInstScript.bat file in the package by double clicking on it.
This will install the required driver from the driver package and the device will automatically bind to the device. Unplug and re-plug the device in case it does not bind to the driver.
Note: The driver package attached in this response contains drivers from the FX3 SDK 1.3.4.
Driver_package.rar 19.5 MB