Talking to support, they informed that this error can be attributed to different problems, so the possible solutions could be:

1)Reset the modem/router by unplugging it for 15 minutes then plugging it back in to renew the IP address.

2)Make sure the PS4's firmware is fully updated

3)Use a wired connection. Wireless is not optimal nor is it recommended or supported.

4) Uninstall and reinstall the game.

5)The issue might be intermittent. It's possible it is a server congestion issue. Please try the update at a later time.

6)Reformat the PS4 hard drive and reinstall the game and try the update again.

As I have already tried 1 through 4 and have no intention of reformatting the PS4, I will wait and try later.