The IPS protection should be up-to-date, no arguing here. But should it also be automatic ?
Well, here Checkpoint thought that not and put no provision for auto updates for the R70.x series. The only way to update IPS protection is either click on Online Update and do it real-time or check "Check for new updates while the SmartDashboard is active", that in turn will not update anything but get you prompted that new updates are available.
In R71 they changed their mind and added configurable scheduled updates menu.
Anyway ,should you want to check what is the latest IPS version available without running the actual update process the link follows:
Defense Updates by Product