What keeps executives awake at night?

The CEO of Toyota made some big news today by saying the four most difficult words in the English language:

"I am deeply sorry" said CEO Akio Toyoda, who apologized on Wednesday to Congress.

With those headline-invoking words, the grandson of the founder of the world's largest automaker took responsibility for safety lapses that led to deaths and widespread recalls for accelerator and braking failures which impacted millions of American Toyota owners.

What would have happened if he said those words in September when the first signs of trouble arose?

Six months, 8.5 million recalled vehicles, and countless lost sales later, Toyota is just now taking the first steps toward ending the nightmarish crisis which has plagued this once platinum brand.

Could Toyota have avoided the crisis with a well executed PR campaign? Of course not. But as this crisis played out (and continues to play out), it seems clear that Toyota was unprepared for the unthinkable.

Should companies prepare crisis response plans in advance of PR disasters? Is there value in addressing the issues that keep executives up late at night?