IPS Update: ips scheduled update ended with errors

Check the internet connection on SMC and Check dns config to see updates.checkpoint.com resolves correctly

Manually update the IPS database,
Close all GUI applications,
Open a GUIDBEdit to the SMC
Application name:GuiDBedit.exe
Search (Search->Find) for:
autoupdate_and_install_status_obj
Once found you will see a field named status under that object.
Change the value of status 0
Save changes,close GUIDBEDIT
Open Dashboard and verify if the issue resolved.

Updated Note : There is a fix for this issue, Request it from Support.