The U.S. Securities and Exchange Commission will review a dispute between Express Scripts Holding Co. and New York State Comptroller Thomas DiNapoli over his effort to force the prescription-benefits manager to increase cyber-risk disclosures.

Express Scripts told the SEC last month it would exclude the proposal from its annual proxy statement. DiNapoli, who’s pushing for the company’s board to report its efforts to prevent and mitigate cyber threats, objected last week in a letter to the regulator.

“We’re at the point where everyone -- investors, directors, regulators -- is recognizing that this is a critical issue,” said Gianna McCarthy, director of corporate governance at the comptroller’s office, which oversees about $164 million of Express Scripts stock for the $200 billion New York State Common Retirement Fund. “Investors need more disclosure.”