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It depends. If you are in Europe (or serve a European market), then you need to comply with GDPR rules. You'll need to specify how you use cookies, and how users can remove their data. If there are nuances with how you use site data, then you'll need to speak to that as well. Basically, if you collect data in any way from a website visitor then you need to disclose and help someone understand in lay mans terms what you're doing with it. If a generic/boilerplate privacy policy fits the need, then go with that. If you have custom applications, then have a lawyer review it for accuracy.