Use Windows 8.1(I can't confirm if the game works on the same system but with W7, although I have never had a problem with running it on W7)
Run DayZ
Typical command prompt will open, saying the following
"Starting BattlEye Service...
Launching game..."
Then, an error prompt will appear, with the message displayed above in the description.
Steam will show DayZ as running until you close both the command prompt and the error prompt.