In the era of digital transformation not only the commercial enterprises business models are changing but also the universities ones, in particular, their communication activities change. The article studies the current approaches of higher education institutions to forming a positive business reputation and managing reputational risks in the digital media field. It defines the expectations of various stakeholders from the activities of higher education institutions and also considers what universities expect from interaction with partners. Possible points of contact with target audiences are looked into, taking into account such concepts as mission, brand, image and reputation of the university. The activity of several leading foreign universities in the Internet-environment, including social networks, as well as some other tools to form the reputation of the university are reviewed. It was found that despite the importance and prevalence of social networks in the world’s leading universities, they are not the only point of contact with target audiences and do not have a decisive role in shaping the reputation of the university. In particular, it was determined what important role publishing and library activities play for the image of the university. The reputational risks of universities in the digital age are also viewed. The article defines the necessity of marketing approach to the evaluation and formation of the university reputation.