"This incident is a tragic reminder of the increasing dangers journalists face every day in Syria. It also once again demonstrates the brutality of IS, which is responsible for thousands of abuses against the Syrian and Iraqi people," the 15-nation Council said in statement.
The Council expressed its deep sympathy and condolences to the Foley family, the US government as well as to the families of all victims of IS.
"IS must be defeated and the intolerance, violence and hatred it espouses must be stamped out," Council members said, emphasising the unity among governments and institutions to counter IS, Al-Nusra Front and other groups associated with Al-Qaida.
The UN body expressed worry over journalists' safety in Syria
The Council's strong condemnation echoes that of UN Secretary-General Ban Ki-moon, who two days ago deplored Foley's 'horrific murder', which he declared "an abominable crime that underscores the campaign of terror the Islamic State of Iraq and the Levant (IS) continues to wage against the people of Iraq and Syria".
He said perpetrators of this and other such horrific crimes must be brought to justice.
According to international law, journalists engaged in dangerous professional missions in areas of armed conflict are generally considered as civilians and shall be respected as such, members stressed.
It is essential to bring perpetrators of these 'reprehensible acts of terrorism' to justice.
"Those responsible for the killing of James Foley shall be held accountable," the Council stressed, urging all States, in accordance with their obligations under international law and relevant Security Council resolutions, to cooperate actively with the United States.
The members of the Security Council reaffirmed the need to combat threats to international peace and security caused by terrorist acts.
Any acts of terrorism are criminal and unjustifiable, members added.