A privacy policy is not a must for a web site but having one would increases the sites trustworthiness. Also if you are a Google AdSense publisher then its a must since 25 th of May 2008. Google AdSense New TOS states that all web sites have to have a privacy policy.

” You must have and abide by an appropriate privacy policy that clearly discloses that third parties may be placing and reading cookies on your user’s browser, or using web beacons to collect information, in the course of ads being served on your website. Your privacy policy should also include information about user options for cookie management. “

Big its not something you have to make manually wasting hours. you can use a Privacy Policy Generator for that.

>>>> Privacy Policy Generator