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This error indicates a problem communicating with Volume Shadow Copy Service (VSS) writers on your system. Look in your Windows Event log for VSS error messages that give more information and check that the VSS service is started.

Check the VSS service isn't disabled and change the startup type of the VSS Service to Automatic.

Search and select 'Services' in the Windows search bar.

Locate Volume Shadow Copy, then right click, and select 'Properties'

Knowledgebase 8.0 > VSS Error 0x80042318 - Failed to Create Volume Snapshot > image2021-7-13_17-23-47.png

Change startup type to Automatic and click 'OK'

Then Reboot

If that doesn't help then take the 'Other Tasks' > 'Fix VSS Problems..' menu option:

Knowledgebase 8.0 > VSS Error 0x80042318 - Failed to Create Volume Snapshot > image2021-7-13_17-29-19.png

Knowledgebase 8.0 > VSS Error 0x80042318 - Failed to Create Volume Snapshot > image2021-7-13_17-29-57.png

Finally reboot.