W: The repository 'cdrom://Ubuntu 16.04.1 LTS _Xenial Xerus_ - Release amd64 (20160719) xenial Release' does not have a Release file.
N: Data from such a repository can't be authenticated and is therefore potentially dangerous to use.
N: See apt-secure(8) manpage for repository creation and user configuration details.
E: Failed to fetch cdrom://Ubuntu 16.04.1 LTS _Xenial Xerus_ - Release amd64 (20160719)/dists/xenial/main/binary-amd64/Packages Please use apt-cdrom to make this CD-ROM recognized by APT. apt-get update cannot be used to add new CD-ROMs
E: Some index files failed to download. They have been ignored, or old ones used instead.
Go to Settings - Software and Updates. On "Ubuntu Softare" tab, check the first four checkboxes and then in "Download from" dropdown select sane values or "Main server"
Remove the CD-ROM from the software sources.
Open System Settings > Software Properties and go to the tab "Other Software" (as pictured).
Select the CD-ROM and press Remove. Type your password when prompted. Close and accept the prompt to refresh.