If your website is collecting data associated with your visitors and customers on your website, a Privacy Policy is a MUST (required). Consumers have become more protective of their data, and governments continue to regulate how businesses can gather and use it. Most countries, by law, require that you have a privacy policy in place if you collect personal information from your users.
Your privacy policy should not be hidden in the legal section of your website. Your website visitors must know that it exists and thus it should be conspicuous and hard to miss. If your website uses WordPress, you can easily download a plugin and install a generator, cookie and consent solution for GDPR and ePrivacy, and configure it accordingly. A good resource is here (WordPress plugins). A good article on “Privacy Policy Generators” is here. The article covers the question: How do you create a privacy policy page for your website?
Also, If your website or app uses Google Analytics, then you need to update your Privacy Policy to meet the Google Analytics Terms of Service. Because Google Analytics uses cookies to track user behavior and cookies collect personal information, a Privacy Policy is required.