No. You can work with Prism offline as long as you have a valid license on your computer.
Open PrismCubed go to Help->Check for License Updates, fill in your email and password and click on the Activate button.

If you do not wish to allow Prism to connect to the Internet when your license expires, you can manually download a license file here.
After the download finishes, open PrismCubed go to Help->Check for License Updates and click on the manual license option, Browse to the file you downloaded and click on Verify.

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If Prism cannot access the internet, automatic updates will not work. Be sure to check http://www.sisense.com for updated versions you are entitled to.
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