There was a time where you could get away with just a terms of service and privacy policy but over the past two years, the environment of online web privacy policies has become far more complex. In addition to cookie policies you need to be concerned with data breach policies and have notification templates on hand, ready to go.
As such, I published an updated version of an article I wrote in 2017 at ArtsHacker about online web policies it covers all of those topics along with an overview of the recent additions to all of the WordPress specific functionality realted to privacy settings and export/erase personal data tools.