for most people standard V-Brakes (avids or shimano's) are more than enough stopping power. Unless you are braking heavy constantly the benefits of hydraulic disc brakes will never be found, eg. downhill racing, or riding in very messy/muddy conitions. I did not mention cable actuated disc brakes as most of them are not as strong of stopping power as good v-brakes and never stay adjusted for any duration of time (drag, don't retract, etc..). This results in major dissatisfaction by the consumer.
If your frame is not designed around the use of disc brakes you will not be able to use them. If you frame is disc compatable you will need the disc brake setup, plus a new wheelset that is disc compatable.
i just went over the giant website and the only cypress (dx model) they have without disc brakes is about $370 US. You are likley going to spend more on a quality disk brake setup with wheels than you did on the actual bike. I would not think it is worth it.
The bike you bought is fine for riding around and just enjoying the scenery. You are probably better off with the model you bought than the next model up with disc brakes. Those cheap disc brakes can be very annoying.