Entrepreneurs are worried about business and personal risks, but they often neglect to mitigate or control them, according to a survey by New York-based U.S. Trust.

Most business owners lack a plan to respond quickly to threats that could impact their ongoing operations, according to the survey. Seventy percent of entrepreneurs lack plans to deal with fraud or negligence, 83 percent haven’t planned for an employee lawsuit and 81 percent haven’t planned for loss of credit or access to capital, the survey said.

Furthermore, nearly three-fifths of business owners have not created a backup server or used secure data storage to protect their company records and files, the survey said.

Entrepreneurs report struggling with money issues when founding their businesses. Obtaining capital was listed as the number one hurdle encountered by U.S. Trust’s respondents overall.

The survey’s millennial respondents, however, found that protecting assets was a larger hurdle than obtaining capital. U.S. Trust postulates that millennials between the ages of 18 and 36 are using external funding sources to a greater degree, and thus feel more accountable to outside investors and lenders than previous generations did. Also, fewer millennails may have protection from business losses and liabilities.

Almost half of millennial entrepreneurs relied on external capital to fund their company, versus 31 percent of business founders overall. Nearly 40 percent of millennial entrepreneurs took a cash advance on a credit card or a personal bank loan to found their business.

As their businesses entered the growth phase, respondents said that their challenges shift from raising capital to managing people and cash flow and keeping up with changes in technology and the markets they serve. Owners of smaller companies reported being most concerned with complying with government relations, while owners of middle-market and large businesses were most worried about economic uncertainty.

Most of the business owners in U.S. Trust’s survey, 52 percent, are planning to exit their business or make a change in ownership within the next three years. Surprisingly, millennials were far more likely to plan their exits, as 65 percent of the millennial respondents admitted to planning an exit or ownership change. Despite the exit plans, 70 percent of the respondents overall lacked a formal exit strategy.

Many entrepreneurs fail to protect their personal assets, too. Among the survey’s respondents, 44 percent did not have an umbrella insurance policy to protect their personal assets.

U.S. Trust surveyed 248 business owners with at least $3 million in investible assets online in February as part of a larger survey of high-net-worth investors.