If you fail to abide by the commitments you've made, then you may face potential lawsuits from the Federal Trade Commission, state attorneys general and, in some cases, by plaintiffs' class action lawyers. While you may have copied the policy to save time and money, it may cost you more in the end.
2. It is necessary in order to use many third-party online services – You know those terms and conditions that you clicked through quickly without reading for the analytics service, social media platform, and demand-side advertising platform that you integrated into your website or app? Buried in the fine print of those terms and conditions is likely an obligation that requires your company to post a privacy statement that accurately describes your data collection and use practices.