Should you view the Internet as a threat to your organizational reputation? No. You should leverage it to your reputational advantage by exploiting the opportunities that are there to build reputational capital.
People have different interest in your company. Investors, customers, employees, competitors, the media, suppliers, partners etc are all intrested in getting different types of information about your company. How can you use this to enhance your reputation? Make sure that the different messages going to these groups are consistant and contradiction free. This is difficult because there are different organizational functions interating with these groups. e.g. Finance with investors, Public Relations with the media, Sales with customers etc. Therefore it is essential that you have orgaizational buy-in to reputation initiatives and also effective internal communication of the reputation strategy.