The 27-year-old sustained a torn patella tendon in his side's 27-0 defeat to the Philadelphia Eagles on Sunday as he attempted to make a catch in the endzone.
Cruz is expected to be ruled out for the season, and his recovery could impact the majority of the off-season ahead of the 2015 campaign.
"Victor is a very, very positive and popular young man who has meant a lot to this franchise," Coughlin told reporters.
"He's got a tough road ahead of him. He's been challenged his whole life, and I don't see him backing down from any challenge whatsoever."
Cruz has recorded 264 receptions for 3,693 yards and 24 touchdowns in his five-year NFL career.