The two day event - attended by politicians, academics and civil organisations from 25 countries - aims to discuss the most effective ways to combat extremist propaganda.
Online recruitment campaigns by IS and other groups have resulted in a flood of young people travelling to conflict zones in the Middle East.
"Daesh is coming, if it can, for every person and every government with a simple message: "submit or die"," he said.
"You can't negotiate with an entity like this. You can only fight it."
It was here Mr Abbott revealed Australia was discussing its military options in the fight against IS militants - just hours after the United States announced it would deploy another 450 military personnel to Iraq.
"We are talking with our friends and partners about how the air strikes might be more effective and how the Iraqi forces might be better helped," he said.
Foreign Minister Julie Bishop says an international "reassessment" was called after IS took the Iraqi city of Ramadi.
"We had a discussion about how the strategy can be refined to ensure the Iraqi government and security forces can take back Ramadi, take back territory that's been claimed by Daesh," she said.
"But this is an ongoing discussion and I won't go into any further detail."
Australia's Chief of Joint Operations Vice Admiral David Johnston said if Australia was to boost its involvement, it would focus on reinforcing the current campaign.
"All of the coalition effort is all about training at the moment," he said. "My expectation broadly, it would be along the same training lines that we are doing."
Over the past year Australia has pushed a number of anti-terror laws through Parliament, ranging from a boost in funding for security and intelligence organisations, to ensuring telco companies keep longer records of customer phone and internet usage.
Ms Bishop told the summit 115 passports have been cancelled and dozens more either suspended or refused to Australians caught up in the fighting.
The government is now drafting legislation to give Immigration Minister Peter Dutton powers to suspend or revoke the Australian citizenship of dual nationals engaged in terrorism.
But not all the summit's speakers think it's the right move. Abdul-Rehman Malik, a Muslim scholar with the UK-based Radical Middle Way, called it a "wrong-headed strategy".
"What we're seeing in some European contexts is individuals who've fought in Syria or Iraq, realised they're on the wrong path, have come back to their home countries and end up being your best ambassadors," he said.
"It's not an easy strategy, it's a risky strategy. But the time calls for brave and bold moves."