IPISecurity and IPISecurity2 interface is not supported by PIPoint object, so you wouldn't be able to use the methods in the interface to check if the user has privilege to a specific PIPoint.
There isn't a quick and easy way to check for user's privilege. Here's an old post that you can refer to for code snippets that you can use to check for user privilege on a PIPoint. The sample provided checks for a user's privilege to the data of a PIPoint. You can modify it to check for privilege on the configuration of the PIPoint.
Thanks for the link even though it was not a simple solution it worked for me.