Unless you have a specific need to make your Check Point security gateway the authentication point for Office 365, then you won't need sk102987. Typically you'd use Azure AD or on-prem AD synched to Azure AD.
Microsoft has a generic article on what to exclude in web security filters. I exclude all of the URLs within URLF that are mentioned I'm the article for the services we specifically use. In AppCtl, I exclude all Office 365 and Azure based categories. In HTTPS inspection, I grouped all IP addresses related to the services and locations in use, and I put them into a bypass rule at the top of my rule set.
- Jason