I would start by backing up your data, if you have an available drive and have not done so already. Open up the Performance tab in Task Manager (Windows 8) and see how much of the time the drive is active and the transfer rate it is reporting to Windows. If the drive is active almost constantly, it could be any number of things, from bandwidth restrictions (we'll get to that) to malware. If the drive has a low transfer rate, it will be normal for it to be active more of the time. If something seems amiss, investigate it. You can open the resource monitor and see what processes are using the disk and how much. Google ones that are using an abnormal amount of bandwidth. Then, use either WD Data Lifeguard or something like Parted Magic to run a disk diagnostic. This will give you a very good idea of whether or not the drive is at risk of failing.
So far as updating firmware, that really doesn't apply in this case. WD only provides firmware on an as needed basis. Currently, there is no update for the Green drives on WD's website.
If the drive is healthy, you could try creating another partition, formatting it, and then seeing if there is a speed difference. If there is, then there is something wrong with the formatting on your current partition. I have only ever seen this happen on old machines with horribly fragmented drives, so I doubt this is the case for you. Next, you can try another SATA port on your motherboard, preferably one on another controller if possible. You may be unable to do this as in some cases a system will require the boot disk to be on a SATA port operated by a certain controller, usually the chipset, though most modern motherboards can boot from any of the onboard controllers. After you switch over the ports, run you disk utility and gauge your transfer speed. A major difference here can mean a controller problem, which can often be something as simple as drivers needing updated.
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