Risk management is changing to meet the threat from social media, as business executives worldwide seek ways to respond to attacks on their companies’ reputations.

Businesses now urge more staff to use social media to combat damaging messages, recognising that a few individuals can no longer control all responses, according to a Deloitte and Forbes Insights study.

Damage to reputation is now rated the top risk for large companies, the global poll of 300 executives shows. This is up from third place three years ago.

Executives say social media is the biggest “technology disruptor to reputation”, but they are finding non-traditional ways to respond, such as by urging staff to use their own social media.

CEOs also identify data mining and analytics as a major technology threat. Deloitte Lead Partner for Risk Transformation Peter Matruglio says they are considered a risk rather than an opportunity because executives fear being overtaken by competitors that are better at obtaining and using information.

Deloitte Managing Partner Risk Services Harvey Christophers says businesses have reassessed risk management since the global financial crisis, with executives looking to identify emerging strategic risks rather than focusing on day-to-day operations.

More staff are now assigned to strategic risk management and boards and senior management are more involved as risk analysis becomes integrated into business strategy.