"The recent terror attacks have reminded us of the urgent need to address illegal online hate speech. Social media is unfortunately one of the tools that terrorist groups use to radicalize young people and they use racism to spread violence and hatred," said EU commissioner for justice, consumers and gender equality Vĕra Jourová in a press release on Tuesday.

(Read also: Excessive Facebook usage linked with depression in new moms)

"This agreement is an important step forward to ensure that the internet remains a place of free and democratic expression, where European values and laws are respected. I welcome the commitment of worldwide IT companies to review the majority of valid notifications for removal of illegal hate speech in less than 24 hours and remove or disable access to such content, if necessary."

(Read also: Twitter to exclude photo, link from character limit)

According to the code of conduct, tech firms would also educate and raise awareness with their users and provided regular training to their staff regarding illegal content.

Last year's report from the Institute for Policy Analysis of Conflict (IPAC) said that the growing use of social media among Indonesian supporters of the Islamic State (IS) had helped the group reach a wider audience.

"[Social media usage] is ensuring that IS propaganda is reaching new audiences," said Sidney Jones, the director of the Jakarta-based IPAC.

Since last year, social media companies have started to do their share. Twitter reportedly suspended more than 125,000 accounts that mostly promote IS-related terror acts since mid-2015. Facebook, Google and Twitter also signed an agreement late last year with the German government to delete hate speech within 24 hours amid refugee crisis in Europe. (kes)

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