Yes very good chance it could be a cable. It would definitely be worth trying. It looks like you only have one drive. If so simply try the other connector on the cable.

Drive errors usually look a little bit different since the drive won't even let the empeg read the data if they know they're dieing and reports bad sector reads etc. In your case data is getting corrupted somewhere. This could be in any number of places:

The drive
The drive cable
The empeg RAM
etc and also any connections PCB, cables etc in between.

You can get cables from Eutronix (link at the top) or I believe Rob Schofiel (schofiel on the BBS) is offering them soon (if not already).